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Noble Group completes sale of Noble Americas Corp
COMMODITY trader Noble Group on Monday said it has completed the sale of Noble Americas Corp (NAC).
This marks the conclusion of its monetisation of the Global Oil Liquids and North American Gas & Power businesses and the retirement of its senior secured borrowing base revolving credit facilities.
The sale of all the issued and outstanding capital stock of NAC to Vitol US Holding Co was completed, Noble said.
The estimated net proceeds from the sale were US$400 million, based on the estimated closing date base consideration of US$214 million, plus estimated closing date net working capital of US$388 million, net of US$202 million of loans drawn under the NAC senior secured borrowing base revolving credit facility. Loans drawn under the NAC BBF (Noble Americas Corp senior secured borrowing base revolving credit facility) were repaid by Vitol at closing and the NAC credit facility has subsequently been retired.
At closing, the amount paid by Vitol to the Group was US$272 million with US$122 million placed in escrow and US$6 million payable by the group towards transaction costs. The amounts to be paid out from escrow shall be subject to the terms and conditions of the stock purchase agreement.