Noble Group, the Singapore-based commodities supplier backed by China’s sovereign wealth fund, approached banks seeking US$2.25 billion ($2.81 billion) of revolving credit facilities, according to a person familiar with the matter. The company is seeking one and three-year loans and will use the proceeds for refinancing, the person said, asking not to be identified as details are private. The facility will pay a so-called blended margin of 162 basis points more than the London interbank offered rate, the person said. About 16 banks have been approached, the person said. In a revolving credit facility money that’s been repaid can be borrowed again.
