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Commodity trader Noble again extends $2 billion credit line
September 7, 2017 / 5:07 PM / 18 days ago

Commodity trader Noble again extends $2 billion credit line

FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. REUTERS/Bobby Yip/File Photo

(Reuters) - North American lenders to Noble Group have again extended the deadline for a $2 billion credit facility, this time by three months to Jan. 15, the commodity trader said on Thursday.

The heavily indebted company, once Asia’s commodity trading powerhouse, has been slashing jobs and selling assets to cut debt after a crisis-wracked two years.

It was granted a first extension on the credit facility in June, and said earlier this week that it was in discussions with banks to roll that over, while also taking steps to tackle debt.

Noble, which has got waivers from other banks on loan covenants in the last few months, has debt due in the next year as well.

The company is in the process of selling its North American gas and power business and expects to announce a deal for its oil liquids unit by the end of this month.

Noble said the credit facility extension would help in the ongoing sales process.

Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta and Joseph Radford

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