The Firm advised the initial purchasers, led by Wells Fargo Securities, LLC, with respect to the offering by Noble Finance II LLC (the "Borrower”), a wholly owned subsidiary of Noble Corporation plc ("Noble”), of $800 million aggregate principal amount of 6.250% Senior Notes due 2034 (the "Notes”). The Firm also represented JP Morgan Chase Bank, N.A., as arranger and administrative agent, in connection with the third amendment to Noble's existing amended and restated senior secured revolving credit facility (the "RCF”). The RCF provides for commitments of $650 million.
Noble used the net proceeds from the offering, together with cash on hand, to redeem all of the $495.0 million aggregate principal amount of the outstanding 8.500% Senior Secured Second Lien Notes due 2030 issued by Diamond Foreign Asset Company and Diamond Finance, LLC and to redeem $300.0 million aggregate principal amount of the outstanding 8.000% Senior Notes due 2030 issued by Noble Finance II LLC.
Noble is a leading offshore drilling contractor for the oil and gas industry. Noble owns and operates one of the most modern, versatile and technically advanced fleets of mobile offshore drilling units in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble provides contract drilling services to the international oil and gas industry with its global fleet of mobile offshore drilling units.
The Simpson Thacher team included David Azarkh, Brian Rosenzweig, Maggie Selbe, Joseph Hahn, Lidia Donaldson, Owen Harrison and Walker Montjoy (Capital Markets); Erland Modesto, Bryce Kaufman, Logan Harris and Nima Mohammadi (U.S. Banking and Credit); Jon Pall (UCC); Antti Pesonen, Rachel Roberts, Ion Tzifras (U.K. Banking and Credit); Jon Cantor and Jiha Min (U.S. Tax); Yash Rupal and Chris Dorman (U.K. Tax); Kate Mirino and Isabella Gonzalez (Intellectual Property); George Gerstein and Chris Torikoglu (ERISA/ECEB); Jennie Getsin (Blue Sky); and Mike Isby (Environmental).