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Noble up 30% on securing trade finance facilities, debt restructuring plan

Reuters Published on Fri, Jun 22, 2018 / 4:13 PM GMT+8

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SINGAPORE (June 22): Debt-laden commodities trader Noble Group said on Friday it had secured US$100 million ($136 million) in trade finance facilities from a group of investors, winning fresh support for a US$3.4 billion debt restructuring plan that is key to its survival.

In a regulatory statement, Noble, once Asia's largest commodity trader, said a consortium of investors, which includes perpetual security holders Value Partners and Pinpoint Asset Management, will provide the three-year financing. The consortium, which owns about 5% of Noble stock, has agreed to back the restructuring.

Noble's shares rose 3 cents to $0.13 at 4.11pm on Friday, representing a jump of 30%. The stock has more than doubled in value this week after it won over a key shareholder for the debt restructuring with a sweetened equity offer.