Paragon Offshore buys back $25.2 million 6¾%, 7¼% notes at discount

New York, Dec. 30 – Paragon Offshore plc said it repurchased $25.2 million principal amount of its 6¾% senior notes due 2022 and 7¼% notes due 2024 for a total of $15.3 million, including accrued interest.

The average price paid was 60.6% of face value, also including accrued interest.

Specifically, Paragon bought $15.2 million of the 6¾% notes and $10 million of the 7¼% notes.

The company made the repurchases during December.

Its latest buybacks are in addition to $10 million that were bought early in the fourth quarter.

Funding for the most recent repurchases came from available cash and credit facility borrowings.

Paragon still has $35 million remaining of the $100 million senior note repurchase program authorized by its board of directors.

Paragon is a Houston-based provider of offshore drilling rigs.

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