Noble to defer coupon payment, confirms US$2b credit extension

Singapore

NOBLE Group on Tuesday said it will be deferring coupon payment on its perpetual bonds due a week later, as it confirmed news reports that it had extended its US$2 billion credit facility by four months.

The struggling commodity trader also said that Peter James O'Donnell, appointed as an independent non-executive director in May, will step down from the role to take on an executive role as special adviser to the chairman on corporate strategy.

The group's shares slipped at the opening bell as the market reacted to the deferment of the coupon payment. Still, the stock eventually rallied in the second half of the day to close at 50.5 Singapore cents - up 6.3 per cent or three cents from its previous close…