China’s Noble Group to redeem $350 million 8½% perpetual notes

By Jennifer Chiou

New York, June 18 – China’s Noble Group Ltd. announced that it will redeem in whole its $350 million of 8½% perpetual capital securities issued on Nov. 1, 2010.

The redemption notice follows the occurrence of a change or clarification in the rules of Standard & Poor’s and Fitch Ratings’ hybrid rating methodologies.

The securities will be redeemed on July 21.

The redemption will be funded using the proceeds from the company’s $350 million issue of 6% perpetual securities.

Noble Group is a Hong Kong-based conglomerate that focuses on raw materials.

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