Noble to increase revolver after attracting over 60 banks
Noble Group, the Hong Kong-based commodities company, is set to increase a $1.5bn loan to at least $2.2bn after attracting more than 60 banks to the syndicate — thanks to hefty upfront commitments from the leads that helped build momentum.
The 19 mandated lead arrangers committed $1.33bn before the deal launched, or $70m each, and they always thought it would be increased.
"This deal was launched at a level slightly below what the borrower wants to borrow to sound out demand," said a banker on the deal. "The
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