Noble Group, the Hong Kong- based commodities supplier backed by China’s sovereign wealth fund, signed US$3.2 billion ($3.9 billion) of revolving credit facilities after initially seeking US$2.25 billion.
The loans comprise a US$1.05 billion 364-day facility, a 244.4 million euro ($418.1 million) 364-day facility and a US$1.79 billion three-year facility, according to a company statement to the Singapore stock exchange today.
The loans comprise a US$1.05 billion 364-day facility, a 244.4 million euro ($418.1 million) 364-day facility and a US$1.79 billion three-year facility, according to a company statement to the Singapore stock exchange today.
Proceeds will be used to refinance debt and for general corporate purposes, the company said.
Noble reported an 80% increase in first-quarter profit in May as prices for the agricultural and energy products it sells rose. The company has the equivalent of US$7.4 billion in bonds and loans outstanding, according to data compiled by Bloomberg.
The latest facility is “our largest to date,” Noble Chief Executive Officer, Ricardo Leiman, said in the statement.
Banks hired to organize the loans were ABN AMRO Bank NV, Banco do Brasil SA, Bank of America Corp., Bank of Tokyo- Mitsubishi UFJ, Citigroup Inc., Commerzbank AG, Coöperatieve Centrale Raiffeisen-Boerenleenbank BA, DBS Bank, Goldman Sachs Group Inc., HSBC Holdings Plc, ING Groep NV, JPMorgan Chase & Co., Natixis, Royal Bank of Scotland Group Plc, Société Générale and Standard Chartered Plc, according to the statement.
The final number of lenders totaled 68, making the loan the most widely syndicated facility for an Asia Pacific-based borrower this year, according to the release.
Noble signed US$2.54 billion of revolving credit facilities in December, with commitments from 76 banks, according to the statement.
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