Mar
08
Noble Group Said to Plan Biggest Loan Backed by Inventories
By-
Commodities trader seeks $2.5 billion through borrowing base
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Noble under pressure from banks to pledge guarantees for cash
Noble Group Ltd., the embattled commodity trader, is working on its largest ever loan backed by inventories as banks demand more security, forcing a dramatic overhaul in the way it borrows. The shares dropped.
The Hong Kong-based company is seeking $2.5 billion in a so-called borrowing base facility guaranteed by oil, with the potential to increase the final size to $3.25 billion if commodity prices rise over the next year, according to people familiar with the deal who asked not to be named because the talks are private…
Noble Group Said to Plan Biggest Loan Backed by Inventories
