ENERGY & OFFSHORE | Staff Reporter, Singapore

Noble in trouble with $379m bond default

Still, it expects more support from senior creditors for its restructuring.

Noble Group Limited received its first notice of a default on its $379m 3.625% notes. Following this, it also requested for a trading halt of its shares on the Singapore Exchange (SGX).

The default followed the announcement that Noble has not paid the coupon due 9 March 2018 with respect to the US$750m notes due 9 March 2022. It was previously reported that the company attempted to get a deal from a group of senior creditors before the bond’s maturity on 20 March.

Noble brought up that creditors who signed its restructuring support agreement must refrain from taking any action against the company for their existing senior claims. This implies a standstill for its 2018 notes, the 2022 notes, the 6.75% US Dollar fixed rate senior notes due 2020, and its revolving credit facility.

Noble said it is expecting more support for the agreement and that the number of senior creditors who signed it (currently 50% of senior claims) to continue to rise.

“There is no certainty and assurance as at the date of this announcement that the proposed restructuring will be completed or that no changes will be made to the terms thereof,” Noble said.

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