12 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Operations Yester William C received 79,281 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2016material agreement▼ BadMajor
Paragon signed a plan support agreement with holders of 77% of its 6.75% and 7.25% senior notes and revolver lenders holding 89% of the revolver debt, for a chapter 11 restructuring to be filed by Feb 14, 2016. Noteholders would get $345m cash, 35% of the reorganized shares and possible deferred payments tied to 2016/2017 EBITDA; existing shareholders would keep 65%; the revolver would be extended to 2021 with a $165m upfront payment; the term loan would be reinstated. Separately, a binding term sheet with Noble would have Noble provide bonding for the roughly $200m Mexican tax assessments (2005-2010) and bear 50% of the ultimate liability for Paragon's entities, in exchange for Paragon releasing Noble from spin-off claims. This resolves the open question of the heavy debt burden by moving to a court-supervised deal, but the plan still needs court approval and the Noble definitive agreement.
10 Feb 2016substantial holder notice● Neutral
Donald Smith & Co., Inc disclosed a new substantial PARAGON OFFSHORE PLC shareholding (8.95% of votes).
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Operations Yester William C exercised stock options for 6,881 shares and disposed of 9,128 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: IR, Strategy and Planning Ahlstrom Lee Michael exercised stock options for 6,703 shares and disposed of 8,892 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Marketing and Contracts Tietz Andrew W exercised stock options for 5,334 shares and disposed of 7,076 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC VP, GC and Corporate Secretary Strickler Todd D exercised stock options for 4,590 shares and disposed of 4,590 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC VP, GC and Corporate Secretary Strickler Todd D exercised stock options for 3,578 shares and disposed of 3,578 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Marketing and Contracts Tietz Andrew W exercised stock options for 4,022 shares and disposed of 5,336 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: IR, Strategy and Planning Ahlstrom Lee Michael exercised stock options for 8,602 shares and disposed of 11,411 shares.
2 Feb 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Operations Yester William C exercised stock options for 5,363 shares and disposed of 7,114 shares.
19 Jan 2016director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Special Projects Pangarkar Arnirudha exercised stock options for 82,159 shares and disposed of 108,984 shares.
13 Jan 2016director interest notice● Neutral
PARAGON OFFSHORE PLC VP: Human Resources Julie A Ferro exercised stock options for 10,373 shares and disposed of 13,760 shares.
6 Jan 2016listing compliance notice● NeutralMajor
PARAGON OFFSHORE PLC's exchange filed to remove a class of its securities from listing.
22 Dec 2015listing compliance notice▼ BadMajor
The NYSE suspended trading in Paragon's shares immediately, judging the price 'abnormally low', so Paragon will not submit the business plan it had planned. The company applied to be quoted on the OTCQX under 'PGNPF' and says it will keep filing SEC reports; this ends the listing warnings that began in August 2015.
11 Dec 2015listing compliance notice▼ BadMajor
The NYSE sent a second notice, saying Paragon fell below its minimum thresholds for average market capitalization and stockholders' equity (both $50 million), and the company had 45 days to submit a plan to regain compliance. This adds to the August share-price warning; the company said the notices do not cause a default under its debt agreements.
9 Nov 2015quarterly activities report▼ Bad
PARAGON OFFSHORE PLC reported quarterly revenue of $299.6 million and a net loss of $23.3 million for the period ended 2015-12-31.
9 Nov 2015quarterly activities report▼ Bad
PARAGON OFFSHORE PLC reported quarterly revenue of $299.6 million and a net loss of $23.3 million for the period ended 2015-12-31.
4 Sept 2015debt financing▼ BadMajor
Paragon drew about $332 million under its revolving credit facility, substantially all of the remaining undrawn amount, bringing borrowings to about $697 million plus about $93 million of letters of credit, with cash of about $734 million. The company says it intends the funds to preserve and enhance liquidity and financial flexibility; the facility matures in July 2019.
27 Aug 2015director interest notice● Neutral
PARAGON OFFSHORE PLC SVP and CFO Manz Steven A exercised stock options for 26,024 shares and disposed of 33,142 shares.
18 Aug 2015director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Marketing and Contracts Tietz Andrew W exercised stock options for 10,570 shares and disposed of 13,461 shares.
18 Aug 2015director interest notice● Neutral
PARAGON OFFSHORE PLC SVP: Operations Yester William C exercised stock options for 8,809 shares and disposed of 11,219 shares.
18 Aug 2015director interest notice● Neutral
PARAGON OFFSHORE PLC VP, GC and Corporate Secretary Strickler Todd D exercised stock options for 12,332 shares and disposed of 15,705 shares.
13 Aug 2015quarterly activities report▼ Bad
PARAGON OFFSHORE PLC reported quarterly revenue of $369.0 million and a net loss of $1084.8 million for the period ended 2015-09-30.
12 Aug 2015quarterly activities report▼ Bad
PARAGON OFFSHORE PLC reported quarterly revenue of $369.0 million and a net loss of $1084.8 million for the period ended 2015-09-30.
10 Aug 2015substantial holder notice● Neutral
The Vanguard Group reported a PARAGON OFFSHORE PLC shareholding of 4,403,252 shares (5.16% of votes) in a periodic institutional filing.
7 Aug 2015director interest notice● Neutral
Pangarkar Arnirudha became a PARAGON OFFSHORE PLC SVP: Special Projects and company insider (initial ownership filing).
7 Aug 2015listing compliance notice▼ BadMajor
The NYSE told Paragon its shares averaged below the $1.00 minimum price over 30 trading days; trading continues for now and the company has until February 8, 2016 to regain compliance. This is the first listing warning since the July 2014 listing.
4 June 2015debt financing● NeutralMajor
Paragon's Prospector subsidiaries agreed a $300 million sale-and-leaseback of the jackups Prospector 1 and Prospector 5 with SinoEnergy subsidiaries, expecting about $292 million net proceeds and a five-year lease with a repurchase obligation of up to $88 million per rig at the end. This turns part of the Prospector purchase into lease financing, with about $373 million of rental and repurchase payments over the term, an $11.5 million cash reserve requirement and a cash sweep of excess rig earnings.
3 June 2015director interest notice● Neutral
PARAGON OFFSHORE PLC VP - CAO Veltmann Alejandra received a stock option grant for 46,875 shares.