Noble Corporation’s $1 Billion Debt Offering

Simpson Thacher represented the underwriters led by Credit Suisse Securities (USA) LLC (“Credit Suisse”) in the public offering of $1 billion aggregate principal amount of 7.75% Senior Notes due 2024 of Noble Holding International Limited (“NHIL”), guaranteed by Noble Corporation

The offering closed on December 28, 2016.

The Firm also represented Credit Suisse as dealer manager in connection with the concurrent tender offers to purchase for cash up to $750 million of NHIL’s 4.9% Senior Notes due 2020, 4.625% Senior Notes due 2021 and 3.95% Senior Notes due 2022.

NHIL used a portion of the net proceeds of the notes offering to fund the tender offers and it intends to use the remaining proceeds for general corporate purposes.

Noble-Cayman is an indirect, wholly owned subsidiary of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales. Noble-Cayman performs, through its subsidiaries, contract drilling services with a fleet of 30 offshore drilling units located worldwide.

The Simpson Thacher team for the transaction included Andy Keller (Picture), David Azarkh, Sung Bum Cho and Steven LoCascio (Capital Markets); Jonathan Cantor and Jodi Schneider (Tax); Tim Mulvihill (Environmental); and Jennie Getsin (Blue Sky/FINRA). Ana Sanchez (Capital Markets – Houston) also provided invaluable assistance.

Involved fees earner: Andrew Keller – Simpson Thacher & Bartlett; David Azarkh – Simpson Thacher & Bartlett; Sung Bum Cho – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jodi Schneider – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Credit Suisse Securities Limited;


Author: Ambrogio Visconti