Debt

On April 20, 2018, Fidelity & Guaranty Life Holdings, Inc. ("FGLH"), a subsidiary of the Company, completed a debt offering of $550 aggregate principal amount of 5.50% senior notes due 2025, issued at 99.5% for proceeds of $547. The Company used the net proceeds of the offering (i) to repay $135 of borrowings under its revolving credit facility and related expenses and (ii) to redeem in full and satisfy and discharge all of the outstanding $300 aggregate principal amount of FGLH's outstanding 6.375% Senior Notes due 2021. The Company expects to use the remaining proceeds of the offering for general corporate purposes, which may include additional capital contributions to the Company's insurance subsidiaries. This exchange of debt instruments constituted an extinguishment. As a result, the Company recognized a $2 gain on the extinguishment of the 6.375% Senior Notes.

The Company capitalized $7 of debt issuance costs in connection with the 5.50% Senior Notes offering, which are classified as an offset within the "Debt" line on the Company's Condensed Consolidated Balance Sheets, and are being amortized from the date of issue to the redemption date using the straight-line method.

The Company's outstanding debt as of September 30, 2018 and December 31, 2017 is as follows:



	September 30, 2018		December 31, 2017
Debt	$	550	$	307
Revolving credit facility	—		105

The $0 and $105 drawn balances on the revolver carried interest rates equal to 0% and 4.17%, as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018 and December 31, 2017, the amount available to be drawn on the revolver was $250 and $145, respectively.

The interest expense and amortization of debt issuance costs for the three and nine months ended September 30, 2018 and 2017, respectively, were as follows:



	Three months ended				Nine months ended
	September 30, 2018		September 30, 2017		September 30, 2018			September 30, 2017
			Predecessor					Predecessor
	Interest Expense	Amortization	Interest Expense	Amortization	Interest Expense		Amortization	Interest Expense	Amortization
Debt	7	1	5	—	20		1	14	—
Revolving credit facility	—	—	1	—	2		—	3	1
Gain on extinguishment of debt	—	—	—	—	(2	)	—	—	—