ENP Newswire -
Release date- 11072014 -
The notes will be issued at a price of 100% of their face value. The aggregate principal amount of the notes was decreased from the previously announced
The offering of the notes is expected to close on
Paragon intends to use the net proceeds from the offering of the notes, together with the borrowings under the Term Loan Facility, to repay all or substantially all of the promissory notes that it expects to issue to Noble as partial consideration for the transfer to Paragon of Noble's standard specification drilling business in connection with the spin-off.
The notes and the related guarantees will be sold only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside
About Paragon Offshore
Paragon Offshore is currently an indirect, wholly owned subsidiary of
Paragon's primary business is to contract its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements regarding the pursuit, consummation or timing of the proposed spin-off, the closing of the private offering of senior notes and the use of proceeds therefrom, Paragon's conversion to a public limited company, the funding under the Term Loan Facility, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions.
These include but are not limited to actions by governmental and regulatory authorities, delays, costs and difficulties related to the separation, employee relations, market and business conditions, financial results and performance, changes in law, availability and terms of any financing, satisfaction of regulatory conditions, actions by customers and other third parties, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, weather conditions, the future price of oil and gas and other factors detailed in Paragon's Form 10 filed with the
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
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