The NOBLE group recently fixed a fastening commitment for its trade finance services of worth US$100 million from the consortium of its existing shareholders. This news was announced by its commodity trader on Friday, prior to the market opening.

The consortium of the NOBLE group comprises of Pin point asset management, shareholders having a shared interest in the equity of 5% and have agreed to show their interests through voting is done in support of the restricting plan of the Noble Group, and its value partners. The expansion of these additional facilities worth US$100 million by the 3-year finance services to the NOBLE stays subject to its implementation of concluding detailed paper-work.

Noble says that its finance facilities are going to provide finance for extension of the trading activities. Specifically, some high-growth prospects have been recognized in the LNG or the Liquefied natural gas industry. In trade for the amenities, the association is going to receive fresh assets company bonds worth US$7.5 million, fresh trading company bonds worth US$10 million, and also US$5 million for the arrangement charges since the company undertakes the restructuring exercise.

Apart from these benefits to the consortium, the noble is also going to extend perpetual securities worth US$25 million and a non-accumulative dividend entitling the holder 2.5% in trade of the perpetual securities that they currently hold that are of a worth of US$400 million. Noble stated that they are working to launch a proposal of the arrangement now that its creditors who represent approximately 85% of the senior claims did accede for the restructuring support contract. As per the data, Noble’s shares were last traded at a rate of 11.2 Singapore cents at 9.40 am with an increase of 0.8 Singapore cents.