Noble Energy Announces Pricing and Expiration of the Tender Offer for its 4.15% Notes due 2021
October 01 2019 - 6:00AM
Business Wire
Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the
Company”) announced today the pricing of its previously announced
cash tender offer for any and all of its $1 billion 4.15% notes due
2021 (“the 2021 notes”), which expired at 5:00 p.m., New York City
time, on September 30, 2019 (“the Expiration Time”).
Title of Security
CUSIP / ISIN Number
Outstanding Principal
Amount
U.S. Treasury Reference
Security
Bloomberg Reference
Page
Fixed Spread
Total Consideration
(1)(2)
4.15% Notes due 2021
655044AF2 US655044AF28
$1,000,000,000
2.75% UST due 9/15/21
FIT4
+35 bps
$1,041.29
(1)
Per $1,000 principal amount.
(2)
Total Consideration (as defined below) calculated on the basis
of pricing for the U.S. Treasury Reference Security as of 2:00
p.m., New York City time, on September 30, 2019.
The "Total Consideration" listed in the table above for each
$1,000 principal amount of 2021 notes validly tendered and accepted
for purchase pursuant to the tender offer was determined at 2:00
p.m., New York City time, on September 30, 2019. Holders will also
receive accrued and unpaid interest on 2021 notes validly tendered
and accepted for purchase from the June 15, 2019 interest payment
date up to, but not including, the date the Company makes payment
for such 2021 notes (the "Settlement Date").
As of the Expiration Time, $742,623,000 aggregate principal
amount of the 2021 notes (74.26%) were validly tendered. The
Company expects to accept for payment all 2021 notes validly
tendered and not validly withdrawn in the tender offer and expects
to make payment for the 2021 notes on October 1, 2019. Pursuant to
the terms of the tender offer, the 2021 notes not tendered in the
tender offer will remain outstanding.
On October 1, 2019, the Company expects to deliver a redemption
notice for all of its 2021 notes that remain outstanding following
settlement of the tender offer pursuant to the terms of the
indenture governing the 2021 notes, and all remaining outstanding
2021 notes will be redeemed (subject to the terms thereof) on
October 31, 2019.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful. This announcement shall
not constitute a notice of redemption under the indenture governing
the Notes.
Noble Energy (NYSE: NBL) is an independent oil and
natural gas exploration and production company committed to meeting
the world’s growing energy needs and delivering leading returns to
shareholders. The Company operates a high-quality portfolio of
assets onshore in the United States and offshore in the Eastern
Mediterranean and off the west coast of Africa. Founded more than
85 years ago, Noble Energy is guided by its values, its commitment
to safety, and respect for stakeholders, communities and the
environment. For more information on how the Company fulfills its
purpose: Energizing the World, Bettering People’s Lives®, visit
https://www.nblenergy.com.
Forward Looking Statements
This news release contains certain “forward-looking statements”
within the meaning of federal securities laws. Words such as
“anticipates”, “believes”, “expects”, “intends”, “will”, “should”,
“may”, and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not
statements of historical fact and reflect Noble Energy’s current
views about future events and are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those projected. These risks and uncertainties include,
without limitation, the effects of global, national and regional
economic and market conditions, changes in the financial markets
and interest rates, the volatility in commodity prices for crude
oil and natural gas, the ability to consummate the tender offer or
redemption or the proposed debt financing and other risks inherent
in Noble Energy’s businesses that are discussed in Noble Energy’s
most recent annual report on Form 10-K and in other Noble Energy
reports on file with the Securities and Exchange Commission.
Forward-looking statements are based on the estimates and opinions
of management at the time the statements are made. Noble Energy
does not assume any obligation to update any forward-looking
statements should circumstances or management’s estimates or
opinions change.
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version on businesswire.com: https://www.businesswire.com/news/home/20191001005455/en/
Investor Contacts: Brad Whitmarsh (281) 943-1670
brad.whitmarsh@nblenergy.com
Media Contacts: Paula Beasley (281) 876-8441
media@nblenergy.com
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