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    Paragon Offshore plans $1.185B private placement of senior notes

    Paragon Offshore Ltd.

    Paragon Offshore Ltd. (to be converted to Paragon Offshore plc), in preparation for its spin-off from Noble Corp. (NYSE: NE), intends to offer for sale $1.185 billion in aggregate principal amount of senior unsecured notes due 2022 and 2024 in a private offering to eligible purchasers. 

    Paragon intends to use the net proceeds from the offering to repay a portion 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.

    Paragon Offshore is currently an indirect, wholly owned subsidiary of Noble Corp. Paragon is a pure-play global provider of standard specification offshore drilling rigs. Its drilling fleet consists solely of standard specification rigs and includes 34 jackups and eight floaters (five drillships and three semisubmersibles). 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. Its principal executive offices are located in Houston, Texas.

     

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