Pestalozzi advised Noble/Paragon on its USD 1.7 billion financing including a USD 1 billion notes issuance
On 11 July 2014, Noble Corporation plc (NYSE: NE) announced the spin-off of Paragon Offshore plc, a wholly-owned subsidiary of Noble, through a pro rata distribution of an aggregate of 84,753,393 Paragon ordinary shares to the holders of Noble ordinary shares. Following the distribution of the Paragon ordinary shares, Paragon will be a separate, publicly traded company, and Noble will not retain any ownership interest in Paragon. Paragon has applied to list its ordinary shares on the New York Stock Exchange under the symbol “PGN.” In connection with the spin-off, Paragon executed debt financings of approximately USD 1.73 billion, including a private offering of senior notes under Rule 144A and a term loan financing. Paragon also entered into an USD 800 million revolving credit facility. Pestalozzi advised Paragon on the Swiss law aspects of the financing.