Noble Corporation (NYSE:NE) has updated on the progress of the notes tender offer by its subsidiary Noble Holding International Limited (NHIL), saying certain notes have already exceeded their tender limit.

Specifically, Noble said tendering of the notes due 2020 has surpassed the cap of $300 million based on the Early Tender Date results. The early results showed that close to $339 million worth of the 2020 notes had been tendered. NHIL will not purchase notes tendered above the preset limit of $300 million. According to Noble, the 2020 notes have a proration factor of 89%.

The tender offer will run until January 11, 2017.

No caps on other notes but date matters

While Noble has limited the amount of the 2020 notes it can purchase to $300 million, the target is to purchase all of the 2022 and 2021 notes. However, those purchases are based on a proration factor of about 61%. As for 2021 notes, the notes eligible for purchase are those tendered within the Early Tender Date. That means that while Noble may be committed to purchasing all of the tendered 2022 and 2021 notes, tenders done outside the Early Tender Date will not be accepted.

Early tender results showed that 2022 notes worth $274.3 million had been tendered as of 5.00 p.m. on December 27, 2016. As of the same date, 2021 notes worth $309.5 million had also been tendered.

Noble’s NHIL issued notes worth $1 billion that will come due in 2024. Proceeds from the notes will be used to purchase the tendered notes.

Fleet update

Although Noble expects to benefit from a rebound in oil prices as OPEC members and nonmembers of the cartel begin to limit their output, the tough conditions in the energy market have led the company to amend several fleet contracts. Some amendments have resulted in lower day rates, but other amendments have led to contract period extensions.

Noble stock retreated 1.8% to $6.11 in the last session. The stock is down more than 40% YTD.