China's Noble tenders for up to $340 million 6 5/8% notes due 2015

By Susanna Moon

Chicago, Oct. 16 - Noble Group said it began a tender offer to repurchase for cash up to $340 million principal amount of its outstanding $680 million of 6 5/8% senior notes due 2015.

The company issued $700 million principal amount of the notes on March 17, 2005.

The tender offer will expire on Nov. 18.

Holders who tender their notes by 5 p.m. ET on Oct. 29, the early tender deadline, will receive an additional early tender payment.

The tender offer is subject to the issuance of fixed rate senior notes due 2020. Proceeds will be used to help fund the tender offer and for general corporate purposes.

"In keeping with our long standing commitment to maintain a strong financial profile, we believe the proposed note offering allows Noble to access long term funding at a competitive cost," Richard Elman, Noble's chief executive officer, said in a statement.

"The note offering combined with the tender offer permits us to extend a portion of the existing 2015 notes for another five years. It also positions the company to maintain its historically stable capital base to fund the continuing growth of our operations."

J.P. Morgan Securities Ltd. is dealer manager, and Global Bondholder Services Corp. is depositary and information agent.

Noble is a Hong Kong-based commodities trading company.

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