Noble Midstream to use revolver borrowings to help fund acquisition

By Sarah Lizee

Olympia, Wash., Nov. 15 – Noble Midstream Partners LP plans to draw about $420 million from its revolving credit facility to help finance its $1.6 billion acquisition of the midstream interests from Noble Energy, according to a press release.

Noble Midstream will also issue to Noble Energy about $930 million in Noble Midstream common units. The remaining $670 million of the purchase price will be paid with the revolver borrowings and about $250 million in proceeds from a private placement of common units.

Noble is an offshore drilling contractor based in London.

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