Paragon Offshore plc announced Tuesday that Paragon repurchased an aggregate principal amount of $25.2 million of its senior unsecured notes in December 2014 at an aggregate cost of $15.3 million including accrued interest. The repurchases consisted of $15.2 million of its 6.75 percent senior notes due 2022 and $10.0 million of its 7.25 percent senior notes due 2024. Paragon repurchased the senior notes at an average purchase price of 60.6 percent of face value including accrued interest. These repurchases are in addition to previously announced repurchases which included an aggregate principal amount of $10 million purchased during the early fourth quarter of 2014.
As a result of the repurchases, Paragon expects to recognize a gain on debt retirement in the fourth quarter of 2014, net of the write-off of issuance costs, of approximately $11.7 million, of which approximately $1.5 million is related to the previously announced repurchases and was previously disclosed. The repurchases were made using available cash and borrowings under our credit facility. Approximately $35 million remains of the original $100 million senior notes repurchase program authorized by Paragon's board of directors.
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