Noble Energy has completed a series of transactions, consisting of a new term loan and cash tender offers for certain outstanding notes, which collectively enhance its financial flexibility.

Noble Energy has entered into a new three-year term loan agreement with seven lending institutions for a principal amount of up to $1.4 billion. According to a related 8-K filing, Citibank served as administrative agent, Mizuho Bank as syndication agent.

Provisions of the term loan agreement, including pricing and covenants, are consistent with those contained in the company’s existing $4 billion revolving credit facility. Borrowings under the term loan agreement may be pre-paid in full or in part at any time prior to its maturity without premium.

In connection with the foregoing term loan commitments, Noble Energy has simultaneously launched cash tender offers for a series of its notes. The maximum aggregate purchase price (exclusive of accrued interest) of notes to be purchased will be limited to approximately $1.4 billion. The term loan facility will be used solely to fund the tender offers.