Paragon borrows remaining capacity under credit facility

Paragon Offshore plc (NYSE: PGN), a global provider of offshore drilling rigs, has borrowed $332 million under its senior secured revolving credit facility with JPMorgan Chase Bank NA, 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 was $697 million, in addition to $93 million of letters of credit, and Paragon's current cash balance was $734 million.

Paragon intends to use these funds to preserve and enhance Paragon's liquidity and financial flexibility.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...