fwp
Filed pursuant to Rule 433
Registration Statement No. 333-165403
July 21, 2010
NOBLE HOLDING INTERNATIONAL LIMITED
UNCONDITIONALLY GUARANTEED BY
NOBLE CORPORATION (CAYMAN ISLANDS)
3.45% SENIOR NOTES DUE 2015
4.90% SENIOR NOTES DUE 2020
6.20% SENIOR NOTES DUE 2040
     
Issuer:
  Noble Holding International Limited
 
    
Guarantor:
  Noble Corporation (Cayman Islands)
             
    SENIOR NOTES DUE   SENIOR NOTES DUE   SENIOR NOTES DUE
    2015   2020   2040
Security Description:
   3.45% Senior Notes   4.90% Senior Notes   6.20% Senior Notes
 
   due 2015   due 2020   due 2040
 
            
Principal Amount:
   $350,000,000   $500,000,000   $400,000,000
 
            
Maturity Date:
   August 1, 2015   August 1, 2020   August 1, 2040
 
            
Benchmark Treasury:
   1.875% due June 30,   3.50% due May 15,   4.625% due February
 
   2015   2020   15, 2040
 
            
Benchmark Treasury Yield:
   1.650%   2.885%   3.902%
 
            
Spread to Benchmark Treasury:
   +180 bps   +205 bps   +230 bps
 
            
Yield to Maturity:
   3.450%   4.935%   6.202%
 
            
Coupon:
   3.450%   4.900%   6.200%
 
            
Initial Price to Public:
   100% per Senior   99.725% per Senior   99.972% per Senior
 
   Note   Note   Note
 
            
Proceeds to Issuer before expenses:
   $347,900,000   $495,375,000   $396,388,000
 
            
Optional Redemption Provisions:
   Make-whole call at   Make-whole call at   Make-whole call at
 
   any time at a   any time at a   any time at a
 
   discount rate of   discount rate of   discount rate of
 
   Treasury plus 30   Treasury plus 30   Treasury plus 35
 
   bps   bps   bps
 
            
CUSIP / ISIN:
   65504LAB3 /   65504LAC1 /   65504LAD9 /
 
   US65504LAB36   US65504LAC19   US65504LAD91

 

 

     
Interest Payment Dates:
  Semi-annually on February 1 and August 1, commencing on February 1, 2011
 
    
Trade Date:
  July 21, 2010
 
    
Settlement Date:
  July 26, 2010
 
    
Legal Format:
  SEC Registered
 
    
Denominations:
  $2,000 and integral multiples of $1,000 in excess thereof
 
    
Special Mandatory Redemption:
  If the acquisition of FDR Holdings Ltd. is not consummated or the related merger agreement is terminated on or prior to 5:00 p.m., New York City time, on September 30, 2010, the issuer will be required to redeem the notes at 101% of the aggregate principal amount of the notes, plus accrued and unpaid interest from the date of initial issuance to but excluding the date of redemption.
 
    
Use of Proceeds:
  NHIL and Noble-Cayman intend to use the net proceeds, together with cash on hand of approximately $465 million, to finance the cash portion of the purchase price for the acquisition of FDR Holdings Ltd.
 
    
Joint Book-Running Managers:
  Barclays Capital Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC
 
    
Co-Managers:
  HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., BNP Paribas Securities Corp., and DnB NOR Markets, Inc.
     The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer and the guarantor have filed with the SEC for more complete information about the issuer, the guarantor and this offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, we will arrange to send you a copy of the prospectus if you request it by calling Barclays Capital Inc. toll-free at (888)-603-5847, SunTrust Robinson Humphrey, Inc. toll-free at (800)-685-4786 or Wells Fargo Securities, LLC toll-free at (800)-326-5897.