Noble Energy Refinances Debt; Inks $1.4B Loan Deal
Noble Energy, Inc. announced a series of transactions, consisting of a new term loan and cash tender offers for certain outstanding notes, which collectively enhance its financial flexibility.
Noble Energy has entered into a new three-year term loan agreement with seven lending institutions for a principal amount of up to $1.4 billion. Provisions of the term loan agreement, including pricing and covenants, are consistent with those contained in the Company’s existing $4.0 billion revolving credit facility. Borrowings under the term loan agreement may be pre-paid in full or in part at any time prior to its maturity without premium.
In connection with the foregoing term loan commitments, Noble Energy has simultaneously launched cash tender offers (the “Tender Offers”) for the following series of its notes (collectively the “Notes”): 5.875% Senior Notes due 2024, 5.875% Senior Notes due 2022 and 5.625% Senior Notes due 2021, all of which were originally assumed as part of the Rosetta Resources Inc. merger. The maximum aggregate purchase price (exclusive of accrued interest) of Notes to be purchased will be limited to approximately $1.4 billion, as further described below. The borrowings under the term loan facility will be used solely to fund the Tender Offers.
Appalachia Business Unit Manager, Southern Region
Houston ,Texas ,77067
281-872-6068
Vice President - Strategic Planning
Houston ,Texas ,77067
281-872-3100
Manager, Development Planning
Houston ,Texas ,77067
281-876-6312
Senior Vice President, Exploration
Houston ,Texas ,77067
281-872-3370
and Negotiator - Mid-Continent Business Unit
Denver ,Colorado ,80202
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