By Simon Miller

Asia's biggest publicly traded commodities trader Noble hired 16 banks to help arrange a $1.5bn loan according to reports.

The loan is to be split into a $600m, 364-day facility and a $900m, three-year facility, a source close to the matter said.

The source told Bloomberg that Noble is offering to pay a margin of 130 basis points more than the London interbank offered rate for the 364-day facility and a margin of 220 basis points for the three-year facility.

The company will meet with banks to market the loan to other lenders in New York on 27 March, London on 29 March and Singapore and Hong Kong in mid-April.

The banks are Australia & New Zealand Banking Group, ABN Amro Bank, Bank of America, Bank of Tokyo- Mitsubishi UFJ, Citigroup, DBS Group, Goldman Sachs, HSBC, Lloyds, ING Groep, JPMorgan Chase, Rabobank International, Royal Bank of Scotland Group, Societe Generale SA, Standard Chartered Bank and United Overseas Bank.

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