HOUSTON, Dec. 30, 2014 /PRNewswire/ -- Paragon
Offshore plc ("Paragon") (NYSE: PGN) today announced that Paragon
repurchased an aggregate principal amount of $25.2 million of its senior unsecured notes in
December 2014 at an aggregate cost of
$15.3 million including accrued
interest. The repurchases consisted of $15.2 million of its 6.75 percent senior notes
due 2022 and $10.0 million of its
7.25 percent senior notes due 2024. Paragon repurchased
the senior notes at an average purchase price of 60.6 percent of
face value including accrued interest. These repurchases are in
addition to previously announced repurchases which included an
aggregate principal amount of $10
million purchased during the early fourth quarter of
2014.
As a result of the repurchases, Paragon expects to recognize a
gain on debt retirement in the fourth quarter of 2014, net of the
write-off of issuance costs, of approximately $11.7 million, of which approximately
$1.5 million is related to the
previously announced repurchases and was previously
disclosed. The repurchases were made using available cash and
borrowings under our credit facility. Approximately
$35 million remains of the original
$100 million senior notes repurchase
program authorized by Paragon's board of directors.
About Paragon Offshore
Paragon is a global provider of offshore drilling rigs.
Paragon's drilling fleet includes 34 jackups and eight floaters
(five drillships and three semisubmersibles). In addition, Paragon
is the majority shareholder of Prospector Offshore Drilling A.S., a
publicly traded offshore drilling company on the Oslo Axess stock
exchange that owns and operates two high specification
jackups. Paragon's primary business is contracting 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 Houston,
Texas. Paragon is a public limited company registered in
England and Wales with company number 08814042 and
registered office at 20-22 Bedford
Row, London, WC1R 4JS,
England. Additional information is
available at www.paragonoffshore.com.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding the timing and amount of cancellation of debt, any gains
on the cancellation of debt, or additional debt repurchases, 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
risks associated with the general nature of the oil and gas
industry, risks associated with the operation of Paragon as a
separate, publicly traded company, actions by regulatory
authorities, customers and other third parties, and other factors
detailed in the "Risk Factors" section of Paragon's registration
statement on Form 10 as filed with the Securities and Exchange
Commission (the "SEC") on July 14,
2014, in Paragon's Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2014,
and in Paragon's other filings with the SEC, which are available
free of charge on the SEC's website at www.sec.gov. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated.
For additional
information, contact:
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|
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For
Investors
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Lee M.
Ahlstrom
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&
Media:
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Senior Vice President
– Investor Relations, Strategy and Planning
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+1.832.783.4040
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SOURCE Paragon Offshore plc