• Noble Group signs $1.1bn facility

  • Euromoney
    20 October 2015

    Noble Group, the Hong Kong-based commodities trader, has signed a $1.1 billion borrowing base facility (BBF), marking its second loan of the year.

    The BBF will used to provide liquidity for the growing businesses of Noble Americas Corp and Noble Petro Inc, the fully-owned US subsidiaries of the company. The facility can be drawn through working capital loans and trade finance instruments such as letters of credit.

    Trade Finance understands the facility has a single tranche with a one-year revolving tenor.

    The loan was initially set for $450 million, but after receiving strong support, it was upsized to more than two times that amount. It refinances an existing $450 million facility signed by Noble Group in 2014.

    MUFG and Societe Generale acted as join lead arrangers and bookrunners on the deal and led a pool of four other banks. When contacted by Trade Finance, Noble Group declined to provide the names of the other banks, but said they were existing lenders of the company.

    Noble Group also declined to comment on the pricing of the facility.