NE 8-K: Noble enters $350M secured term loan to refinance $1.55B existing facility

Noble enters $350M secured term loan to refinance $1.55B existing facility

Noble Corp plc

$350M term loan at Term SOFR + 3.5% margin, step-ups of 0.15% after 1yr and 0.25% after 2yr.

Maturity 3 years from funding date; quarterly repayments: first four of $2.5M, next four of $7.5M, final four of $12.5M, with $260M balloon.

Expected to fund before year-end 2022; secured by mortgages on drilling rigs acquired from The Drilling Company of 1972.

Proceeds to refinance the $1.55B existing DNB facility dated December 2018.

Includes financial covenants: max leverage ratio, min equity ratio and liquidity, plus 200% collateral rig coverage test.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Noble Corp plc entered into New DNB Credit Facility with DNB Capital LLC, JP Morgan Chase Bank N.A., London Branch, Nykredit Bank A/S, Clifford Capital Pte. Ltd., Barclays Bank PLC, Danske Bank A/S, HSBC Bank USA, N.A., Nordea Bank ABP, New York Branch, Morgan Stanley Senior Funding, Inc., as Mandated Lead Arrangers and Bookrunners, DNB Markets, Inc., as valued at $350,000,000 (effective 2022-11-22).

Action: entry
Agreement: credit facility
Counterparty: DNB Capital LLC, JP Morgan Chase Bank N.A., London Branch, Nykredit Bank A/S, Clifford Capital Pte. Ltd., Barclays Bank PLC, Danske Bank A/S, HSBC Bank USA, N.A., Nordea Bank ABP, New York Branch, Morgan Stanley Senior Funding, Inc., as Mandated Lead Arrangers and Bookrunners, DNB Markets, Inc., as
Value: $350,000,000
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, Noble Corporation plc (the “ Company ”) entered into a Term Facility Agreement among The Drilling Company of 1972 A/S, as the Borrower (the “ Borrower ”), the Company, as parent guarantor, certain subsidiaries of the Borrower party thereto as guarantors, DNB Capital LLC, JP Morgan Chase Bank N.A., London Branch, Nykredit Bank A/S, Clifford Capital Pte. Ltd., Barclays Bank PLC, Danske Bank A/S, HSBC Bank USA, N.A., Nordea Bank ABP, New York Branch and Morgan Stanley Senior Funding, Inc., as Mandated Lead Arrangers and Bookrunners, DNB Markets, Inc., as Coordinator, DNB Bank ASA New York Branch as Agent and Security Agent and the other lenders party thereto (the “ New DNB Credit Facility ”). The New DNB Credit Facility provides for a $350,000,000 secured term loan.

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