Noble (NE) Announces Pricing of Senior Note Offerings
Noble Corporation (NYSE: NE) announced today that its indirect wholly-owned subsidiary, Noble Holding International Limited ("NHIL"), has priced an offering of $1.2 billion aggregate principal amount of senior unsecured notes in three separate tranches, with $300 million of 2.50% senior notes due 2017, $400 million of 3.95% senior notes due 2022 and $500 million of 5.25% senior notes due 2042. The weighted average coupon of all three tranches is 4.13%. Noble Corporation, a Cayman Islands company ("Noble-Cayman") and a direct wholly-owned subsidiary of Noble, will fully and unconditionally guarantee the notes on a senior unsecured basis. The estimated net proceeds of approximately $1.19 billion are expected to be used to repay indebtedness outstanding under Noble-Cayman's revolving credit facilities and for general corporate purposes, including Noble's capital expenditure program. Pending the application of funds from the offering, the net proceeds are expected to be invested in U.S. government obligations, bank deposits or other secure, short-term investments.
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