Noble Gets a Temporary Debt Reprieve, Our View Unchanged
Noble Group's USD 2 billion borrowing base facility extension was welcome news, sending the company's share price up over 50% over the past two trading days, but it does not change our view on the company. At the moment, we keep our fair value estimate at SGD 0.66 which assumes the company will be able to refinance at least USD 1.2 billion of its committed borrowing base facilities for another year. The current extension is for 120 days and buys time for the company to work out a formal refinanc...NOBLE GROUP HOLDINGS LIMITED is an investment holding company principally engaged in the provision of energy products and industrial raw materials supply chain management. Together with subsidiaries, the Company operates business of global supply chain manager of energy, power and gas products, metals and carbon steel materials. The Company also engages in the bauxite mining and alumina refining operation in Jamaica.
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