Noble Corp Launches $500M Senior Notes Offering

By Chris Stiles • Monday, June 01 11:27 • Permanent Link

Noble Corporation plc said June 1 it has launched an offering of $500 million of senior notes due 2034, with proceeds earmarked to refinance debt due 2030.

The company said Noble Finance II LLC, a wholly owned subsidiary, will issue the unsecured notes, which will be guaranteed by certain direct and indirect restricted subsidiaries. Noble plans to use the net proceeds, together with cash on hand, to redeem all of the outstanding 8.500% senior secured second lien notes due 2030 issued by Diamond Foreign Asset Company and Diamond Finance LLC.

The new offering is aimed at replacing the 2030 debt with longer-dated 2034 notes. The company said the redemption of the Diamond notes is expected to be contingent on completion of the new offering. Today the company's shares have moved 1.46% to a price of $47.16. Check out the company's full 8-K submission here.

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