Noble Group loaned $ 1 billion to Petroecuador, according to Bloomberg

The American unit of the Noble Group Americas loaned $ 1 billion on September to the state public oil company of Ecuador, Petroecuador, according to documents gathered in the U.S. by Bloomberg. This debt was transformed into notes (bonds or stocks) traded that Noble then sold to investors through a trust established in the Cayman Islands.

The name of the trust is Noble Sovereign Funding I Ltd. These notes have a maturity to 2019 and were placed with an interest rate of 5.63 percentage points above the three-month LIBOR interest rate. That is to say about 6%. The bonds were sold at $ 0.98 each, according to data compiled by Bloomberg.