Noble Group dual-tranche debt issue | US$750m | ||
Synopsis: Clifford Chance and Davis Polk advised Singapore-based logistics giant Noble Group in a dual-tranched debt issue | |||
Firm | Client | Role | |
Clifford Chance [Lead partner: Connie Heng] | Noble Group | Counsel to issuer | |
Davis Polk | JP Morgan, ING, Societe Generale, RBS | Counsel to underwriters | |
Asia’s largest diversified trading company Noble Group has retained Clifford Chance for the second time this year – and the third time in less than 12 months – in a dual-tranche debt issue valued at US$750m. The issue, priced on 30 July, was comprised of a US$500m 4.87% semi-annual five year security and a US$250m 6.625% 10 year bond.
The issue is the third such issue which Clifford Chance has advised the Singapore-listed company in less than 12 months; following the group’s US$850m debut investment grade bond issue in November 2009, a US$400m issue in February this year and a US$2.4bn credit facility also released in November 2009, the largest US dollar syndicated loan recorded in Asia last year.
"Dual-tranche issues of this type are quite unusual in the market," Clifford Chance lead partner Connie Heng said.
The Davis Polk team, led by partner William Barron, advised bookrunners J.P Morgan and co-managers J.P. Morgan, ING, Societe Generale and RBS.
"The dual-tranche offering by the Noble Group was executed on an extremely compressed timeline. It showed how a repeat issuer can utilize narrow windows of opportunity. The offering was structured to provide maximum flexibility for the determination of the terms, including whether to have one or two tranches," lead partner William Barron said.ALB
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