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Noble prices its US$750m 8.75% notes due 2022
NOBLE Group on Tuesday announced the pricing of its proposed issue of US$750 million 8.75 per cent notes due 2022.
"The notes have been fully placed to institutional and/or accredited investors," it said.
The net proceeds from the notes offering will be used for refinancing and general corporate purposes.
The interest rate of 8.75 per cent per annum is payable semi-annually in arrear on March 9 and Sept 9 of each year.
But credit rating agency Moody's has kept its junk bond rating for Noble's proposed new bonds, warning that the rating could be downgraded if the firm's cashflow from operations remains consistently weak and liquidity deteriorates further.
The closing date for the notes offering is expected to be on or about March 9, 2017.
HSBC, ING Bank, Morgan Stanley and Société Générale are its joint lead managers and joint bookrunners; and ABN Amro, DBS Bank and Coöperatieve Rabobank are its co-managers for the proposed notes issue.