Monday 22 January 2018 by William Arnold Company updates

Noble makes tender offer on 2024 Notes

Investors in the senior bonds issued by Noble Holdings International Ltd maturing on 15 January 2024 (ISIN: US65504LAP22) (the Notes) will have recently received Noble’s Offer to Purchase and Consent Solicitation.

Noble is offering to purchase various bond securities including the 2024 Notes at a premium. The purpose is to retire debt that would otherwise mature in the next six years.

Noble will purchase up to USD750m of face value of total bonds, however will cap the maximum amount of the 2024 Notes to USD250m face value.

Noble intends to buy back its securities in the priority detailed below with the 2024 Notes of least priority. We therefore expect any Notes tendered will likely be significantly scaled back.

Priority Level Title of Notes Principal outstanding Tender Offer Consideration Early Tender Premium
1 4.00% Senior Notes due 2018 USD250.0m USD874.93 USD30.00
2 7.50% Senior Notes due 2019 USD201.7m USD1,029.30 USD30.00
3 4.90% Senior Notes due 2020 USD167.8m USD992.50 USD30.00
4 4.625% Senior Notes due 2021 USD208.7m USD960.00 USD30.00
5 3.95% Senior Notes due 2022 USD125.7m USD890.00 USD30.00
6 7.75% Senior Notes due 2024 USD1,000.0m USD930.00 USD30.00

 

We believe Noteholders should tender their Notes and accept the premium on offer.

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