Daily News: June 20, 2014

JPMorgan Agents $800MM Facility to Support Noble Spin-Off

In connection with the expected separation and spin-off by Noble Corporation, of its standard specification offshore drilling business, on June 17, 2014, wholly-owned subsidiaries of Noble, Paragon Offshore Limited and Paragon International Finance, a wholly-owned subsidiary of Paragon Offshore, together with Paragon Offshore, entered into a $800 million senior secured revolving credit agreement with JPMorgan Chase, as administrative agent, swingline lender and an issuing bank of letters of credit.

Other issuing banks included Deutsche Bank Securities and Barclays Bank, as syndication agents; and J.P. Morgan Securities, Deutsche Bank and Barclays, as joint lead arrangers and joint lead bookrunners, pursuant to which the lenders have agreed to provide commitments in the amount of $800 million. The credit agreement has an initial term of five years after the funding date.

Pursuant to the terms of the credit agreement, after the funding date, the borrowers may, subject to the satisfaction of certain conditions and successful procurement of additional commitments from new or existing lenders, elect to increase the maximum amount available under the credit agreement from $800 million up to an amount not to exceed $1.1 billion.