During the year ended December 31, 2015, the Company executed on a strategy to (1) selectively grow its portfolio of life insurance policies while ensuring the availability of funds to pay premiums on its policies, and (2) improve its cash flow profile. Building on an acquisition strategy that began in the fourth quarter of 2014, the Company acquired 38 policies during the first half of 2015 with an aggregate face value of $100.8 million, a weighted average life expectancy at the time of acquisition of 5.4 years and a weighted average age of 85 years. These policies were acquired with the intention of re-shaping and otherwise improving the projected cash flow characteristics of the policies that had not been pledged as collateral under the White Eagle Revolving Credit Facility, and to make that portfolio a more attractive candidate for longer-term premium financing at a lower cost of capital. As part of our overall strategy, on July 16, 2015, we entered into the Red Falcon Revolving Credit Facility, which is secured by these policies, and the proceeds of the initial draw were used to redeem all $50.0 million in aggregate principal amount of outstanding 12.875% Senior Secured Notes issued by the Company (the “Secured Notes”). The redemption of the Secured Notes resulted in an $8.8 million expense related to the early extinguishment of debt and we incurred closing costs associated with the Red Falcon Revolving Credit Facility of $3.3 million that could not be amortized as the debt under the facility is being recorded at fair value. See Note 9, “Red Falcon Revolving Credit Facility” and Note 11, “12.87% Secured Notes” to our consolidated financial statements.
Of the interest expense of $16.2 million, approximately $8.0 million represents interest paid on the White Eagle Revolving Credit Facility. Interest expense on the Convertible Notes totaled $7.5 million including $5.2 million, $2.0 million and $332,000 representing interest, amortization of debt discount and issuance costs, respectively. The Company recorded $694,000 of interest expense on the Secured Notes, including $592,000, $36,000, and $66,000 from interest, amortizing debt discounts and issuance costs, respectively, during the year ended December 31, 2014. Of the interest expense of $13.7 million for 2013, $2.8 million represents interest paid and approximately $10.3 million represents loan origination cost incurred under the White Eagle Revolving Credit Facility, which was not capitalized as a result of electing the fair value option for valuing the White Eagle Revolving Credit Facility. The Company borrowed $45.0 million under a bridge facility in March 2013 and fully prepaid this facility in the subsequent year ended June 30, 2013. Interest expense of $550,000 is associated with this facility for the year ended December 31, 2013. See Note 8, “White Eagle Revolving Credit Facility,” Note 10, “8.50% Senior Unsecured Convertible Notes,” and Note 11, “12.857% Senior Secured Notes,” to the accompanying consolidated financial statements.
During the year ended December 31, 2015, our discontinued structured settlement operations sold 43 structured settlements for a loss of approximately $31,700 and received proceeds of approximately $920,000, compared to 8 structured settlements for a gain of $18,000 during the year ended December 31, 2014.
Borrowing availability under the White Eagle Revolving Credit Facility is subject to a borrowing base, which, among other items, is capped at 75% of the valuation of the policies pledged as collateral. This loan to value calculation is determined by the lenders with a high degree of discretion. At December 31, 2015, $78.0 million was undrawn and $383,200 was available to borrow under the White Eagle Revolving Credit Facility. For a description of the facility see Note 8, “White Eagle Revolving Credit Facility,” of the notes to Consolidated Financial Statements.
The financial statements required by this Item are included in Item 15 of this Annual Report on Form 10-K and are presented beginning on page.