Noble Energy tenders for any and all $1 billion 4.15% notes due 2021

By Sarah Lizee

Olympia, Wash., Sept. 24 – Noble Energy, Inc. launched a cash tender offer for any and all of its $1 billion of 4.15% notes due 2021, according to a press release.

The tender offer will expire at 5 p.m. ET on Sept. 30.

Holders who validly tender their notes prior to the expiration time, or who deliver a notice of guaranteed delivery, will be eligible to receive in cash the tender offer consideration, which will be determined using the 2.75% Treasury note due Sept. 15, 2021 plus a spread of 35 basis points.

Pricing will be determined at 2 p.m. ET on Sept. 30.

Holders will also receive accrued interest.

Settlement is anticipated for Oct. 1.

Tendered notes may be withdrawn at any time at or prior to the expiration time.

The tender offer is subject to conditions, including receipt by the company of proceeds from a proposed debt financing.

If any 2021 notes remain outstanding after the tender offer, the company expects to redeem those notes.

MUFG Securities Americas Inc. (212 405-7481) is the dealer manager.

Global Bondholder Services Corp. (212 430-3774 banks and brokers or 866 470-3700 all others) is the depositary and information agent.

The crude oil and natural gas exploration and production company is based in Houston.

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