Noble Group completes US$1.1b borrowing base facility

[SINGAPORE] Noble Group Ltd said on Monday it completed a US$1.1 billion revolving borrowing base facility, which will be used by two of its subsidiaries - Noble Americas Corp and Noble Petro Inc - to fund their growing business requirements.

The facility was upsized to US$1.1 billion from US$450 million initially, the commodities trader said in a statement.

The facility was supported by six banks, led by The Bank of Tokyo-Mitsubishi UFJ and Societe Generale as joint lead arrangers and joint bookrunners.

Noble hit the spotlight in February when blogger Iceberg Research questioned its accounting practices.

The company defended its financials, and board-appointed consultant PricewaterhouseCoopers found no wrongdoing in a report published in August.

REUTERS