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Noble units enter into restated $550 million five-year revolver
By Wendy Van Sickle
Columbus, Ohio, April 18 – Noble Corp. plc subsidiaries Noble International Finance Co. and Noble Drilling A/S restated their senior secured revolving credit agreement on Tuesday to provide for $550 million of commitments, according to an 8-K filing with the Securities and Exchange Commission.
Previously, the revolver was sized at $675 million.
JPMorgan Chase Bank, NA is the administrative agent.
All obligations of the borrowers under the restated credit agreement are unconditionally guaranteed by the parent company and some of its direct and indirect subsidiaries.
The commitment termination date is April 18, 2028.
Borrowings bear interest the term SOFR +10 basis points plus 275 bps and may rise up to 375 bps, based on the consolidated leverage ratio.
The borrowers must pay a quarterly commitment fee on the average daily unused portion of commitments at a rate per annum of 50 bps until the third anniversary of the effective date, then stepping up to 75 bps until the fourth anniversary of the effective date, when it will rise to 100 bps.
Proceeds may be used for working capital and other general corporate purposes. Availability of borrowings is subject to the satisfaction of some conditions, including that, after giving effect to any such borrowings, the total amount of available cash would not exceed $250 million.
Noble Corp. and its restricted subsidiaries must comply with a minimum interest coverage ratio of 2.5x and a maximum consolidated total net leverage ratio of 3x, each as of the last day of each fiscal quarter.
JPMorgan, Barclays Bank plc, DNB Markets Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities, LLC are the lead arrangers and bookrunners.
Morgan Stanley Senior Funding, Inc. is the documentation agent.
Noble is an offshore drilling contractor organized in London.
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