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Noble borrows under $350 million three-year term loan
By Wendy Van Sickle
Columbus, Ohio, Dec. 22 – Noble Corp. plc borrowed on Dec. 22 under its agreement with the Drilling Co. of 1972 A/S as borrower that provides for a $350 million secured term loan, according to an 8-K filing with the Securities and Exchange Commission.
The loan will mature in three years. The loan agreement was entered on Nov. 22, as previously reported.
The term loan will be required to be repaid in 12 consecutive quarterly installments beginning three months after the utilization date, the first four of which are in the amount of $2.5 million each, the next four of which will be in the amount of $7.5 million each, and the final four of which will be in the amount of $12.5 million each, with the remainder of the term loan being due as a balloon payment of $260 million on the maturity date.
The interest rate is SOFR plus 350 basis points, with the margin to step up by 15 bps each three-month period after the first anniversary of funding and by 25 bps per three-month period after the second anniversary of funding.
Noble is the parent guarantor, and the credit facility will be secured by mortgages on certain offshore drilling rigs that were acquired as part of the business combination with Drilling Co. of 1972.
Proceeds were used to refinance the $1.55 billion term and revolving facilities agreement dated Dec. 6, 2018 with the Drilling Co. as borrower.
DNB Capital LLC, JP Morgan Chase Bank NA, London Branch, Nykredit Bank A/S, Clifford Capital Pte. Ltd., Barclays Bank plc, Danske Bank A/S, HSBC Bank USA, NA, Nordea Bank ABP, New York Branch and Morgan Stanley Senior Funding, Inc. are the mandated lead arrangers and bookrunners, DNB Markets, Inc. is coordinator. DNB Bank ASA New York Branch is agent and security agent.
Noble is an offshore drilling contractor organized in London.
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