RESTRICTED STOCK—The Company issued restricted stock under various incentive stock option plans.
Generally, under each plan, shares of restricted common stock with value equal to a stated percentage of participants’ base salary are initially awarded at the beginning of a three-year performance period, subject to adjustment to reflect the participants’ actual base salary.
The shares remain restricted and nontransferable throughout each three-year performance period, vesting in onethird increments in each of the three years following the end of the performance period.
At the end of a performance period, awards are subject to adjustment to reflect the Company’s performance compared to peer companies.
Final awards under the plans can range from zero up to 400% of the initial awards.
Vested shares are no longer restricted and may be held or sold by the participant.
Compensation expense of $6 million, $8 million and $1 million for 2001, 2000 and 1999, respectively, as measured by the market value of the common stock at the balance sheet date, has been recognized.
In January 2001, the final performance evaluation was completed for one of the restricted stocks plans resulting in final awards of an additional 199,000 shares with approximately 101,000 shares becoming fully vested.
All shares of restricted stock became fully vested on the date of merger with IPALCO.
Under the terms of the restricted stock plan, no additional shares will be awarded.
STOCK OPTIONS—The Company has granted options to purchase shares of common stock under its stock option plans.
Under the terms of the plans, the Company may issue options to purchase shares of the Company’s common stock at a price equal to 100% of the market price at the date the option is granted.
The options become eligible for exercise under various schedules.
At December 31, 2001, there were approximately 8.3 million shares reserved for future grants under the plans.
A summary of the option activity follows (in thousands of shares):
## Table 0 ##
The following table summarizes information about stock options outstanding at December 31, 2001 (in thousands of shares):
## Table 1 ##
THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2010, 2009, AND 2008 (1) Amortized cost approximated fair value at December 31, 2010 and 2009, with the exception of certain common stock investments with a cost basis of $6 million carried at their fair value of $7 million and $16 million at December 31, 2010 and 2009, respectively.
(2) Unsecured debentures are instruments similar to certificates of deposit that are held primarily by our subsidiaries in Brazil.
The unsecured debentures and certificates of deposit included here do not qualify as cash equivalents and meet the definition of a security under the relevant guidance and are therefore classified as available-for-sale securities.
(3) Held-to-maturity securities are carried at amortized cost and not measured at fair value on a recurring basis.
These investments consist primarily of certificates of deposit and government debt securities.
The amortized cost approximated fair value of the held-to-maturity securities at December 31, 2009.
As of December 31, 2010, all available-for-sale debt securities had stated maturities less than one year, with the exception of $42 million of auction rate securities and variable rate demand notes held by IPL, a subsidiary of the Company in Indiana.
These securities, classified as other debt securities in the table above, had stated maturities of greater than ten years.
During the second quarter of 2009, three of the Company’s generation businesses in the Dominican Republic exchanged $110 million of accounts receivable due from the government-owned distribution companies in the Dominican Republic for sovereign bonds of the same amount.
The bonds, which were classified as available-for-sale securities, were adjusted to fair value when acquired.
During the second and third quarters of 2009, the Company used a portion of the bonds with a carrying value of $31 million to settle third-party liabilities and sold the remaining bonds.
As of December 31, 2009, all of the sovereign bonds had been sold or transferred.
The following table summarizes the pre-tax gains and losses related to available-for-sale securities for the years ended December 31, 2010, 2009 and 2008.
There were no realized gains or losses on trading securities and there were no realized losses on the sale of available-for-sale securities.
There was no other-than-temporary impairment of marketable securities recognized in earnings or other comprehensive income for the years ended December 31, 2010, 2009 or 2008.
## Table 2 ##
6.
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objectives The Company is exposed to market risks associated with its enterprise-wide business activities, namely the purchase and sale of fuel and electricity as well as foreign currency risk and interest rate risk.
In order to manage the market risks associated with these business activities, we enter into contracts that incorporate derivatives and financial instruments, including forwards, futures, options, swaps or combinations thereof, as appropriate.
The Company applies hedge accounting for all contracts as long as they are eligible under the accounting standards for derivatives and hedging.
While derivative transactions are not entered into for trading purposes, some contracts are not eligible for hedge accounting.
THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2010, 2009, AND 2008 Recourse debt as of December 31, 2010 is scheduled to reach maturity as set forth in the table below:
## Table 3 ##
Recourse Debt Transactions During 2010, the Company redeemed $690 million aggregate principal of its 8.75% Second Priority Senior Secured Notes due 2013 (“the 2013 Notes”).
The 2013 Notes were redeemed at a redemption price equal to 101.458% of the principal amount redeemed.
The Company recognized a pre-tax loss on the redemption of the 2013 Notes of $15 million for the year ended December 31, 2010, which is included in “Other expense” in the accompanying Consolidated Statement of Operations.
On July 29, 2010, the Company entered into a second amendment (“Amendment No.2”) to the Fourth Amended and Restated Credit and Reimbursement Agreement, dated as of July 29, 2008, among the Company, various subsidiary guarantors and various lending institutions (the “Existing Credit Agreement”) that amends and restates the Existing Credit Agreement (as so amended and restated by Amendment No.2, the “Fifth Amended and Restated Credit Agreement”).
The Fifth Amended and Restated Credit Agreement adjusted the terms and conditions of the Existing Credit Agreement, including the following changes: ?
the aggregate commitment for the revolving credit loan facility was increased to $800 million; ?
the final maturity date of the revolving credit loan facility was extended to January 29, 2015; ?
changes to the facility fee applicable to the revolving credit loan facility; ?
the interest rate margin applicable to the revolving credit loan facility is now based on the credit rating assigned to the loans under the credit agreement, with pricing currently at LIBOR + 3.00%; ?
there is an undrawn fee of 0.625% per annum; ?
the Company may incur a combination of additional term loan and revolver commitments so long as total term loan and revolver commitments (including those currently outstanding) do not exceed $1.4 billion; and ?
the negative pledge (i. e. , a cap on first lien debt) of $3.0 billion.
Recourse Debt Covenants and Guarantees Certain of the Company’s obligations under the senior secured credit facility are guaranteed by its direct subsidiaries through which the Company owns its interests in the AES Shady Point, AES Hawaii, AES Warrior Run and AES Eastern Energy businesses.
The Company’s obligations under the senior secured credit facility are, subject to certain exceptions, secured by: (i) all of the capital stock of domestic subsidiaries owned directly by the Company and 65% of the capital stock of certain foreign subsidiaries owned directly or indirectly by the Company; and

Tables referenced above, in order (Table 0 first):
<table><tr><td> </td><td colspan="6"> Years Ended December 31,</td></tr><tr><td> </td><td colspan="2"> 2001</td><td colspan="2"> 2000</td><td colspan="2"> 1999</td></tr><tr><td> </td><td>Shares</td><td> Weighted Average Exercise Price</td><td>Shares</td><td> Weighted Average Exercise Price</td><td>Shares</td><td> Weighted- Average Exercise Price</td></tr><tr><td>Outstanding—beginning of year</td><td>15,575</td><td>$16.32</td><td>16,698</td><td>$10.72</td><td>17,065</td><td>$8.83</td></tr><tr><td>Exercised during the year</td><td>-1,507</td><td>8.95</td><td>-5,069</td><td>14.11</td><td>-2,817</td><td>7.45</td></tr><tr><td>Forfeited during the year</td><td>-1,743</td><td>42.21</td><td>-129</td><td>30.85</td><td>-14</td><td>21.83</td></tr><tr><td>Granted during the year</td><td>21,164</td><td>17.78</td><td>4,075</td><td>36.98</td><td>2,464</td><td>20.16</td></tr><tr><td>Outstanding—end of year</td><td>33,489</td><td>16.55</td><td>15,575</td><td>16.32</td><td>16,698</td><td>10.72</td></tr><tr><td>Eligible for exercise—end of year</td><td>11,845</td><td>$13.38</td><td>11,449</td><td>$10.51</td><td>14,086</td><td>$9.44</td></tr></table>
<table><tr><td> </td><td colspan="3"> Options Outstanding</td><td colspan="2"> Options Exercisable</td></tr><tr><td> Range of Exercise Prices </td><td> Total Outstanding</td><td> Weighted- Average Remaining Life (In Years)</td><td> Weighted- Average Exercise Price</td><td> Total Exercisable</td><td> Weighted- Average Exercise Price</td></tr><tr><td>$ 0.78 – $ 3.24</td><td>4</td><td>0.0</td><td>$1.60</td><td>4</td><td>$1.60</td></tr><tr><td>$ 3.25 – $ 9.88</td><td>5,548</td><td>3.1</td><td>5.20</td><td>5,548</td><td>5.20</td></tr><tr><td>$ 9.89 – $14.40</td><td>20,307</td><td>9.4</td><td>13.03</td><td>1,823</td><td>11.43</td></tr><tr><td>$14.41 – $22.85</td><td>2,887</td><td>6.6</td><td>17.93</td><td>2,869</td><td>17.94</td></tr><tr><td>$22.86 – $58.00</td><td>4,733</td><td>8.4</td><td>44.06</td><td>1,597</td><td>35.75</td></tr><tr><td>$58.01 – $80.00</td><td>10</td><td>8.7</td><td>61.42</td><td>4</td><td>61.66</td></tr><tr><td>Total</td><td>33,489</td><td>7.9</td><td>$16.55</td><td>11,845</td><td>$13.38</td></tr></table>
<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td>2008</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Gains (losses) included in other comprehensive income</td><td>$2</td><td>$10</td><td>$-2</td></tr><tr><td>Gains reclassified out of other comprehensive income into earnings</td><td>—</td><td>2</td><td>—</td></tr><tr><td>Proceeds from sales</td><td>5,888</td><td>4,466</td><td>5,006</td></tr><tr><td>Gross realized gains on sales</td><td>2</td><td>3</td><td>—</td></tr></table>
<table><tr><td>December 31,</td><td>Annual Maturities  (in millions)</td></tr><tr><td>2011</td><td>$463</td></tr><tr><td>2012</td><td>—</td></tr><tr><td>2013</td><td>—</td></tr><tr><td>2014</td><td>497</td></tr><tr><td>2015</td><td>500</td></tr><tr><td>Thereafter</td><td>3,152</td></tr><tr><td>Total recourse debt</td><td>$4,612</td></tr></table>

Question: what is the annual interest cost savings by the company redeeming the 8.75% ( 8.75 % ) second priority senior secured notes?
Answer: 6.0375e+07
Reasoning program: multiply(690,const_1000000), multiply(#0,8.75%)