HOUSTON, Sept. 3, 2015 /PRNewswire/ -- Paragon
Offshore plc ("Paragon") (NYSE: PGN) announced today that it had
borrowed approximately $332 million
under its senior secured revolving credit facility with JPMorgan
Chase Bank, N.A., as administrative agent, and the lenders and
other parties party thereto, which represented substantially all of
the remaining undrawn amount that was available to Paragon under
the senior secured revolving credit facility. Following the
completion of this borrowing, Paragon's aggregate principal amount
of borrowings under the senior secured revolving credit facility
were approximately $697 million, in
addition to approximately $93 million
of letters of credit, and Paragon's current cash balance was
approximately $734 million. Paragon
intends to use these funds to preserve and enhance Paragon's
liquidity and financial flexibility.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding Paragon's use of funds, 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 annual report on Form 10-K for the
fiscal year ended December 31, 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.
About Paragon Offshore
Paragon is a global provider of offshore drilling rigs.
Paragon's operated fleet includes 34 jackups, including two high
specification heavy duty/harsh environment jackups, and six
floaters (four drillships and two semisubmersibles). 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.
For additional
information, contact:
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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