financing activities the decrease in cash used in 2010 relative to 2009 was attributable to a decrease in commercial paper repayments , net of proceeds , proceeds from our share issuance to bm&fbovespa as well as the termination of the nymex securities lending program in 2009 .
the decrease was partially offset by the distribution to dow jones of $ 607.5 million related to index services as well as an increase in share repurchases of $ 548.3 million .
share repurchases increased in an effort to offset most of the dilution associated with the issuance of shares to bm&fbovespa .
the increase in cash used in 2009 relative to 2008 was due to new issuances of debt of $ 2.9 billion in 2008 in conjunction with our merger with nymex holdings compared with net debt reductions of $ 900.1 million in debt instruments .
the following table summarizes our debt outstanding as of december 31 , 2010: .

( in millions )
par value
term loan due 2011 interest equal to 3-month libor plus 1.00% ( 1.00 % ) ( 1 )
$ 420.5
fixed rate notes due august 2013 interest equal to 5.40% ( 5.40 % )
750.0
fixed rate notes due february 2014 interest equal to 5.75% ( 5.75 % )
750.0
fixed rate notes due march 2018 interest equal to 4.40% ( 4.40 % ) ( 2 )
612.5

fixed rate notes due march 2018 , interest equal to 4.40% ( 4.40 % ) ( 2 ) .
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612.5 ( 1 ) in september 2008 , the company entered into an interest rate swap agreement that modified the variable interest obligation associated with this loan so that the interest payable effectively became fixed at a rate of 4.72% ( 4.72 % ) beginning with the interest accrued after october 22 , 2008 .
the interest rate swap agreement was terminated on january 11 , 2011 when the loan was repaid .
( 2 ) in march 2010 , we completed an unregistered offering of fixed rate notes due 2018 .
net proceeds from the offering were used to fund a distribution to dow jones in conjunction with our investment in index services .
in february 2010 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.46% ( 4.46 % ) beginning with the interest accrued after march 18 , 2010 .
we maintained a $ 1.4 billion senior credit facility with various financial institutions , including the $ 420.5 million term loan and a $ 945.5 million revolving credit facility .
the senior credit facility was terminated on january 11 , 2011 .
any commercial paper outstanding was backed by the revolving credit facility .
under our senior credit facility , we were required to maintain a consolidated net worth of at least $ 12.1 billion .
effective january 11 , 2011 , we entered into a new $ 1.0 billion multi-currency revolving senior credit facility with various financial institutions .
the proceeds from the revolving senior credit facility can be used for general corporate purposes , which includes providing liquidity for our clearing house .
as long as we are not in default under the new senior credit facility , we have the option to increase the facility from time to time by an aggregate amount of up to $ 1.8 billion with the consent of the agent and lenders providing the additional funds .
the new senior credit facility matures in january 2014 and is voluntarily prepayable from time to time without premium or penalty .
under our new credit facility , we are required to remain in compliance with a consolidated net worth test , as defined as our consolidated shareholders 2019 equity as of september 30 , 2010 , giving effect to share repurchases made and special dividends paid during the term of the agreement ( and in no event greater than $ 2.0 billion in aggregate ) , multiplied by 0.65 .
we maintain a 364-day fully secured , committed line of credit with a consortium of domestic and international banks to be used in certain situations by our clearing house .
we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian for our collateral ) , or in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms .
clearing firm guaranty fund contributions received in the form of u.s .
treasury securities , government agency securities or .

Question: what is the annual interest expense on the fixed rate notes due march 2018 after the hedge transaction?
Answer: 28910000
Calculation: multiply(612.5, const_1000000), multiply(#0, 4.72%)