As Noble Group’s restructuring took effect on 20th December, a total US$800 million in new money debt, comprising of the New Trading Finance Facility, the New Hedging Support Facility and the Increase Trade Finance Facility, has been made available to New Noble, the restructured entity. New Noble has acquired substantially all of the assets of Noble Group, and the shares in New Noble are now held 70% by its senior creditor special purpose vehicle (SPV), 20% by Noble Group shareholders, and 10% by the management SPV. In addition, all scheme claims of scheme creditors have been released according to the terms of the schemes with the issuance of the New Asset Co Bonds, the New Trading Co Bonds, the New Trading Hold Co Bonds and the Senior Creditor SPV Shares to these scheme creditors.
Noble Group and New Noble also updated that the conditions to the Perpetual Capital Securities Exchange Offer have been satisfied and that the settlement date will be 21st December, 2018, when all existing perpetual capital securities will be exchanged for new ones issued by New Noble. In connection with this, the existing perpetual capital securities will be delisted from the Stock Exchange of Singapore. Noble Group has also arranged for the mark down of the principal amount outstanding of its existing notes, which have been cancelled as at 20th December, 2018, and which will also be delisted.
Noble Group had undergone more than a year-long restructuring exercise, with debt holders and shareholders slowly coming into agreement on the settlement.