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Noble Group lifeline depends on bank support for US$2 billion loan

Bloomberg Published on Thu, May 18, 2017 / 3:38 PM GMT+8

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(May 18): Noble Group Ltd.’s stock and bonds rose Thursday after people familiar with the matter said the embattled commodity trader has approached lenders to replace a credit facility with a new US$2 billion ($2.8 billion) loan. Now investor focus shifts to bank support for that lifeline.

Mitsubishi UFJ Financial Group Inc. is said to be arranging the new 364-day revolving credit facility, the people said, asking not to be identified because they aren’t authorized to speak publicly. Noble Chief Financial Officer Paul Jackaman said last week the company is in talks with lenders over renewing a secured borrowing facility that’s been extended to the end of June. The new loan is to refinance that facility, according to Glenn Ko, head of Asia desk trading strategy at HSBC Holdings Plc in Hong Kong.

While Noble’s stock climbed 3.6%t as of 11:18 a.m. in Singapore, it is still down about 50% this month after the firm reported last week a net loss of US$129 million in the first quarter. Its bonds due in 2022 rose 3.2 cents to 55.1 cents, compared with 98.2 cents at the start of the month. Paul Brough, a British-born former KPMG LLP executive, was appointed chairman of Noble last week, taking over from founder Richard Elman. Its credit rating was cut further into junk territory this week.

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Noble Group lifeline depends on bank support for US$2 billion loan