Commodity trader noble group is offering the juiciest pricing in its loan market history for the US$1bn unsecured facility it launched last week, as a consequence of downgrades to its credit ratings. The Singapore-listed borrower is in the market for a 364-day revolving credit offering a top-level all-in pricing of 350bp, based on an interest margin of 225bp over Libor. This is the first time that Noble will pay an all-in north of 300bp for a loan, according to Thomson Reuters LPC data. Even the lowest ticket level on the US$1bn revolver offers an all-in of 310bp.
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