NOBLE CORPORATION PLC ANNOUNCES PROPOSED OFFERING OF $600 MILLION OF SENIOR NOTES DUE 2030

Rhea-AI Summary

Noble Corporation plc announced on April 3, 2023, that its subsidiary, Noble Finance II LLC, has commenced an offering of $600 million in unsecured senior notes due 2030. The proceeds will be used primarily for the redemption of outstanding Second Lien Notes due 2028, paying related premiums, and repaying a $350 million term loan. The offering is limited to qualified institutional buyers in the U.S. and complies with Regulation S for international investors. These notes are not registered under the Securities Act, meaning they can't be sold in the U.S. without proper registration.

Positive

• Offering of $600 million in unsecured senior notes strengthens financial position.
• Proceeds aimed at redeeming higher-interest notes, reducing future interest expenses.
• Repaying $350 million term loan improves balance sheet liquidity.

Negative

• Dependence on external financing to manage debt obligations.
• Uncertainty in market conditions may impact successful closing of the offering.

SUGAR LAND, Texas, April 3, 2023 /PRNewswire/ -- Noble Corporation plc ("Parent" and together with its subsidiaries, "Noble") (CSE: NOBLE, NYSE: NE) today announced that Noble Finance II LLC (the "Issuer"), a wholly owned subsidiary of Parent, has commenced an offering (the "Offering") of $600 million in aggregate principal amount of unsecured senior notes due 2030 (the "2030 Notes"). Noble intends to use the net proceeds from the Offering (i) to fund the redemption (the "Redemption") of all of the outstanding 11%/ 13%/ 15% Senior Secured PIK Toggle Notes due 2028 (the "Second Lien Notes") issued by Noble Finance Company, a wholly-owned subsidiary of Parent, (ii) to pay any premiums, fees and expenses related to the Redemption and the issuance of the 2030 Notes, (iii) to repay the outstanding borrowings under the $350 million term loan facility borrowed by Parent's subsidiary, The Drilling Company of 1972 A/S and (iv) the remainder, if any, for general corporate purposes.

The 2030 Notes will be guaranteed by certain direct and indirect restricted subsidiaries of the Issuer.

The 2030 Notes are being offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States only in compliance with Regulation S under the Securities Act. The 2030 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of the 2030 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. This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the Second Lien Notes.

ABOUT NOBLE

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble 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.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

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 statements concerning the Issuer's plan to issue the 2030 Notes and the use of proceeds therefrom, constitute, forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble's 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.

We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, risks and uncertainties related to economic, market or business conditions, satisfaction of customary closing conditions related to the Offering and other risk factors as detailed from time to time in Parent's reports filed with the U.S. Securities and Exchange Commission.

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.

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SOURCE Noble Corporation plc

FAQ

What is Noble Corporation's recent financial announcement?

Noble Corporation announced a $600 million offering of senior notes due 2030 to manage debt.

How will Noble Corporation use the proceeds from the note offering?

The proceeds will fund the redemption of existing senior secured notes, pay premiums and fees, and repay a term loan.

What are the risks associated with the $600 million note offering?

The offering is subject to market conditions and requires compliance with U.S. securities regulations.

Are the new 2030 Notes registered under the Securities Act?

No, the 2030 Notes are not registered and cannot be sold in the U.S. without registration or an exemption.