Noble raises New Trading Hold Co bonds to US$300m

The bonds will contain the debt of the holding company of New Noble's operator.

Embattled Noble Group has raised the total amount of the New Trading Hold Co Bonds that will be issued after its proposed restructuring from US$280m (as announced on 22 June 2018) to US$300m.

Under Noble’s proposed restructuring, the current shareholding structure of the company will be transferred to a New Noble, which will comprise of two entities: an Asset Co which will hold the assets of the group; and a Trading Hold Co, which will hold the group’s operating company called Trading Co.

The New Trading Hold Co Bonds are supposed to contain the debt of Trading Hold Co. The original amount of the bonds announced on 14 March 2018 was at US$270m.

“The company continues to engage in discussions with the SGX on the restructuring,” the company said.

A circular containing further information on the restructuring, together with a notice of Special General Meeting, is expected to be dispatched to shareholders shortly, it added.

Meanwhile, Noble warned of a loss amounting to US$140m in the second quarter of 2018 due to restructuring expenses and net finance costs. Noble said its performance in Q2 continued to be hit by the liquidity constraints the lack of “competitive trade finance” to support its operations.