Paragon Offshore draws remaining $332 million from revolving loan

New York, Sept. 3 – Paragon Offshore plc said that it has drawn down the remaining $332 million of availability on its senior secured revolving credit facility.

Revolver borrowings now total $697 million, including $93 million of letters of credit, according to a press release.

The company’s cash balance is boosted to $734 million.

Paragon said it will use the funds to “preserve and enhance” its liquidity and financial flexibility.

Paragon is a Houston-based provider of offshore drilling rigs.

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