Noble Energy Inc. (NBL) exchanged the senior notes of Rosetta Resources Inc. (ROSE) for notes that it issued, Noble said June 29.
Rosetta’s 5.625% notes ($700 million aggregate principal amount) due May 1, 2021 will be exchanged for identical Noble notes; similarly, $600 million of 5.875% notes due June 1, 2022 will be exchanged and $500 million of 5.875% notes due June 1, 2024 will be exchanged. The principal amount for each set of the Noble notes is $970, the company added.
The offers are conditional on consents from Rosetta noteholders and the closing of Noble’s acquisition of Rosetta’s common stock through the merger of Rosetta with a new Noble subsidiary. The merger’s closing is subject to certain conditions including Rosetta shareholders’ approval of the merger.
Noble is seeking to amend indentures on Rosetta’s notes to eliminate restrictive covenants.
All the note exchange offers are scheduled to expire on July 27.
Bofa Merrill Lynch, Deutsche Bank Securities Inc. and J.P. Morgan are dealer managers. D.F. King & Co. Inc. is the exchange agent and information agent.
Noble Energy Inc. and Rosetta Resources Corp. are both based in Houston.
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