Noble Corporation plc announces closing of unsecured senior notes offering and revolving credit agreement

Rhea-AI Summary

Noble Corporation plc (NYSE: NE) announced the successful closure of a $600 million unsecured senior notes offering due in 2030, aiming to retire existing debt and cover operational expenses. Additionally, Noble has executed an Amended and Restated Senior Secured Revolving Credit Agreement, totaling $550 million, maturing in April 2028. CEO Robert Eifler emphasized that this refinancing simplifies the capital structure and enhances liquidity, aligning with Noble's strategic priority for 2023. The details of the offering and the credit agreement have been reported in a Form 8-K filed with the U.S. Securities and Exchange Commission.

Positive

• Successfully closed a $600 million unsecured senior notes offering to strengthen financial position.
• Refinanced existing debt, enhancing liquidity and operational flexibility.
• Established a $550 million senior secured revolving credit agreement, due April 2028.

Negative

• None.

SUGAR LAND, Texas, April 18, 2023 /PRNewswire/ -- Noble Corporation plc ("Noble") (CSE: NOBLE, NYSE: NE) today announced that Noble Finance II LLC, a wholly owned subsidiary of Noble, has closed the previously disclosed offering of $600 million in aggregate principal amount of new unsecured 8.000% Senior Notes due 2030 ("Notes"), with proceeds allocated to retiring Noble's prior outstanding indebtedness, paying applicable associated expenses and general corporate purposes.  Noble has published a current report on Form 8-K which includes a description of the key features of these Notes, as well as a copy of the Indenture.

As stated in today's Form 8-K, Noble has also finalized its Amended and Restated Senior Secured Revolving Credit Agreement, dated April 18, 2023, which provides for commitments of $550 million and maturity in April 2028.

Robert Eifler, Chief Executive Officer of Noble, stated, "We are very pleased to have completed this global refinancing which we believe provides us with a simplified and efficient capital structure with robust liquidity.  Optimizing the balance sheet has been a key strategic priority for Noble in early 2023 and is expected to provide maximum flexibility for operations and for executing on our stated capital allocation priorities going forward."

A copy of today's Form 8-K has been filed with the U.S. Securities and Exchange Commission and is available here:  NE 8-K 04182023.pdf.

This press release does not constitute an offer to sell or the solicitation of an offer to buy or sell any security, nor shall there be any sale of the Notes or any other security of Noble, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry.  The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry.  Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.  Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide.  For further information visit www.noblecorp.com or email investors@noblecorp.com.

IMPORTANT INFORMATION
This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for or otherwise acquire or dispose of any securities of Noble.

Certain statements in this announcement, including any attachments hereto, may constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble and its subsidiaries (collectively, the "Noble Group") anticipated or planned financial and operational performance. The words "targets", "believes", "continues", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "estimates", "projects", "potentially" or similar expressions or the negatives thereof, identify certain of these forward-looking statements. The absence of these words, however, does not mean that the statements are not forward-looking. Other forward-looking statements can be identified in the context in which the statements are made.

Although Noble believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this announcement, such forward-looking statements are based on Noble's current expectations, estimates, forecasts, assumptions and projections about the Noble Group's business and the industry in which the Noble Group operates and/or which has been extracted from publications, reports and other documents prepared by the Noble Group and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other important factors beyond the Noble Group's control that could cause the Noble Group's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Any forward-looking statements included in this announcement, including any attachment hereto, speak only as of today. Noble does not intend, and does not assume, any obligations to update any forward-looking statements contained herein, except as may be required by law or the rules of the New York Stock Exchange or Nasdaq Copenhagen. All subsequent written and oral forward-looking statements attributable to Noble or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained in this announcement, including any attachment hereto.

View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-closing-of-unsecured-senior-notes-offering-and-revolving-credit-agreement-301801026.html

SOURCE Noble Corporation plc

FAQ

What financial strategy did Noble Corporation announce on April 18, 2023?

Noble Corporation announced the closure of a $600 million unsecured senior notes offering and the finalization of a $550 million revolving credit agreement.

How will the proceeds from the $600 million notes offering be used?

The proceeds will be used to retire existing debt and cover general corporate expenses.

What are the terms of the new senior notes issued by Noble Corporation?

The new senior notes have an 8% interest rate and are due in 2030.

What is the significance of the $550 million revolving credit agreement for Noble?

The revolving credit agreement, maturing in April 2028, provides additional liquidity and financial flexibility for the company.

Who is the CEO of Noble Corporation and what did he say about the refinancing?

CEO Robert Eifler stated that the global refinancing simplifies Noble's capital structure and enhances liquidity.