Noble Group says it has secured $100m in trade finance facilities from a group of investors, who have also agreed to back its restructuring.
The investors, which include perpetual security holders Value Partners and Pinpoint Asset Management, will provide the financing over a three-year period.
“The provision of additional trade lines dedicated to helping us build out our coal, liquids and LNG trade flows, together with the consortium’s full support of a consensual restructuring, represents an important further step towards allowing New Noble to return to business as usual; with a well-capitalized balance sheet and important tools of the trade in place for its future success,” said Noble chairman Paul Brough.
Value Partners and Pinpoint added: “We are pleased to be able to support Noble during this critical time as the company seeks to implement its restructuring.
“We believe this facility will strengthen the ability of the management team to quickly build out its trade flows and we look forward to providing other financing solutions as they may arise.”
Noble’s shares have more than doubled in value this week after it won over a key shareholder for the debt restructuring with a sweetened equity offer.
