Noble to use new senior note sale for redemption of PIK toggle notes

Chicago, April 3 – Noble Corp. plc announced that it will be using the proceeds from the sale of $600 million of senior notes to fund the full redemption of Noble Finance Co.’s 11%/13%/15% senior secured PIK toggle notes due 2028, according to a press release.

The company will also be using proceeds from the new notes to repay a $350 million term loan borrowed by Drilling Co. of 1972 A/S.

Both Noble Finance and Drilling are subsidiaries of Noble Corp.

Noble is an offshore drilling contractor organized in London.

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