denotes premium content | Sep 3 2010 
News
posted 26 Jun 2009
Deal news
Noble closes $800m revolving LC and guarantee facility
Commodities trader Noble Group has secured a two-year $800m standby borrowing base facility, replacing an existing $700m revolving letter of credit and guarantee facility.
The facility carries a two-year tenor and reduces to $770m in the second year. All-in pricing, says the company, weighs in at 159.5 basis points over Libor per annum.
Syndication was led by a group of four major banks – ING, RBS, Société Générale and Standard Chartered – joined by 16 additional banks in general syndication.
These include Citibank, ICICI, KfW IPEX-Bank, BTMU, Commerzbank, DBS, Lloyds TSB, CITIC, Deutsche Bank, Commonwealth Bank of Australia, Santander, Arab Bank, KBC, Bank of America, HSBC and Rabobank. Syndication closed oversubscribed and the facility was therefore increased from $700m to $800m as a result.
Noble, which describes itself as a manager of the global supply chain of agricultural, industrial and energy products, achieved revenues in excess of $36bn in 2008 and today owns coal and iron ore mines, grain crushing facilities, sugar and ethanol plants, and even ports and vessels. It is rated BBB- by credit reference agency Fitch.
