, Columnist
Noble Preps for a Sale. Or At Least Its Bonds Do
The company's new securities contain a change of control clause that's already worthless.
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If you believe the bond documents, Noble Group Ltd. really is for sale.
The Singapore-listed commodities trader raised $750 million selling dollar notes Monday that mature in five years. A clause provides for immediate repayment if the company is acquired. But that would only be triggered if Noble were rated investment grade at the time.