Noble group is up for sale, if you believe its bond documents

IF you believe the bond documents, Noble Group Ltd really is for sale.

The Singapore-listed commodities trader raised US$750 million selling dollar notes on Monday that mature in five years. A clause provides for immediate repayment if the company is acquired. But that would only be triggered if Noble were rated investment grade at the time.

"If the notes are rated investment grade by one or more rating agencies and a change of control triggering event occurs ( . . . ) the issuer shall, at the option of the holder of any note, redeem such note on the change of control redemption date at its change of control redemption amount together with interest accrued to the date of redemption. This condition shall not apply if the notes are not rated investment grade by one or more rating agencies."