BASIS POINT-Noble Group completes $2.4 bln syndicated loan

HONG KONG, Oct 23 (Reuters Basis Point) - Commodities company Noble Group Ltd (NOBG.SI) has completed a $2.4 billion three-tranche financing, the largest syndicated loan in Asia ex-Australia so far this year, with a whopping 63 banks joining, banking sources said.

The deal was oversubscribed to $2.5 billion, and the global commodities trader raised the final deal size from $1.8 billion.

The financing drew strong market interest from around the world, with lenders joining from Asia to the United Arab Emirates, and from Europe to the Americas.

Chinese banks in particular were notable for taking big tickets. China Development Bank Hong Kong, for instance, joined as a mandated lead arranger and bookrunner for $200 million - double the $100 million take-and-holds of the 10 original MLAs and bookrunners.

CDB only recently chose to open its first overseas branch in Hong Kong, and has signalled its intent to play an expanded role in loan syndications with this deal.

Commerzbank, Agricultural Bank of China Singapore, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC, ING Bank, JPMorgan, Royal Bank of Scotland, SG and agent Standard Chartered Bank are the 10 original MLAs and bookrunners.

Each MLA held $100 million, except Commerzbank which held $101.5 million. China Minsheng Banking Corp, meanwhile, came in as an MLA with $100 million. Bank of Nova Scotia and Fortis Bank also joined as MLAs with $75 million each.

Furthermore, ANZ, Bank of America Merrill Lynch, Fortis Bank Hong Kong and Mizuho Corporate Bank Singapore joined as lead arrangers with $50 million each.

Ten banks came in as arrangers to take $25-35 million. They were: UOB, Banco doBrasil, Citic Ka Wah Bank, Credit Agricole, ICBC Asia, Maybank, Banco Espirito Santo, Bangkok Bank, Credit Europe Bank and Natixis.

The rest of the 35 banks joined as co-arrangers to take $5-20 million. Signing took place on Friday by circulation.

The original Noble deal was launched on Aug. 28 with three $600 million revolving credit tranches. Tranche A is a new 364-day new facility, while tranches B and C are one- and two-year extensions of the borrower's outstanding $1.2 billion three-year revolver completed in 2007.

Maturities of tranche B and C for new lenders are two and three years, respectively. Due to the upsize, tranche A is now $645.2 million, while tranches B and C are both $877.4 million.

The Noble deal pays top-level all-ins of 180 basis point for tranche A, 242.5 basis point for tranche B and 295 basis point for tranche C, based on current margin ranges from 135 basis points to 240 basis points over Libor. (Reporting by Prudence Ho and Foster Wong; editing by Stephen Aldred)