Paragon Offshore is on the Hunt for Cash

noble drillingAs part of Paragon Offshore’s anticipated spinoff from Noble Corporation this year, the company is fully focused on raising a vast amount of capital.

This past week, Paragon notes they’ve gained $800 million via a senior secured revolving credit facility from a few different commercial and investment banks. Along with that, they are also looking to raise 1.2 billion via senior unsecured notes and a further $550 million within a senior secured term loan B.

In February, Noble Corp announced intentions to spin the company off via an IPO, however by the end of April, the company decided to spin Paragon off as a dividend of 100 percent of the shares of Paragon Offshore to Noble’s shareholders during the third quarter of this year.