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Noble Said to Delay General Syndication of $1.5 Billion Loan

Noble Group Ltd., Asia’s biggest listed commodities trader by sales, will delay marketing a $1.5 billion loan in general syndication, according to three people familiar with the matter.

The company had planned to start marketing the loan in general syndication today however some lenders approached to be arrangers or senior banks requested more time to prepare, the people said, asking not to be identified because the details are private. The original deadline for potential arrangers to respond to terms sent by Noble was last week. Some banks requested extensions in order to process internal credit approvals, the people said.

“There is no delay in our timetable,” Jeanny Kim, Noble’s Hong Kong-based director of capital markets, said in an e-mail today. A public announcement will be made in due course, she said.

Noble is offering to pay an all-in rate, which includes margin and fees, of 290 basis points more than the London interbank offered rate on a three-year tranche of the facility and 190 basis points on a one-year tranche of the loan, another person familiar with the matter said earlier this week.

The loan is expected to be split 40 percent into a one-year maturity and 60 percent into a part that matures in three years. Proceeds will refinance debt.

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