Noble Americas Said to Loan Ecuador State Oil Company $1 Billion
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The U.S. unit of Noble Group Ltd. loaned Ecuador’s state oil company $1 billion, then repackaged the debt into securities that it sold to bond investors this month, according to a prospectus for the notes.
The notes were issued through a Cayman Islands-based special purpose entity known as Noble Sovereign Funding I Ltd., according to the document, which was provided to Bloomberg News by a person who asked not to be identified because the offering was private. The securities due 2019 carried an interest rate of 5.63 percentage points above three-month Libor and were sold at 98.1 cents on the dollar, according to data compiled by Bloomberg.