Noble Group set to clinch US$3b in credit facilities

Singapore

NOBLE Group is set to clinch about US$3 billion in bank credit, sources close to the matter said, in a move that will help Asia's biggest commodity trader to overcome a major refinancing hurdle this year.

But the company could end up paying one of the highest interest rates in its existence because lenders are wary following the downgrade of its credit ratings to junk by Standard & Poor's and Moody's.