SINGAPORE - Mainboard-listed commodity trader Noble Group announced on Monday (Oct19) that it had successfully closed a US$1.1 billion (S$1.52 billion) revolving borrowing base facility.
Noble has been grappling with investor confidence this year after being attacked by short-sellers over its accounting and with commodity prices slumping.
In Monday's announcement, Noble said the facility received strong support, resulting in it being upsized from an initial US$450 million. It was supported by six key banks led by The Bank of Tokyo-Mitsubishi UFJ and Societe Generale as joint lead arrangers and joint bookrunners.
The credit line will be utilised by Noble Americas Corp and Noble Petro Inc, both wholly owned subsidiaries of Noble, to fund their growing business requirements.
It allows for working capital loans as well as the issuance of trade finance instruments and is available for advances and letters of credit.