Singapore's Noble Group has agreed a deal to raise US$3 billion in bank credit facilities to refinance existing loans that include a US$1.1 billion letter of credit (L/C) facility.

The commodity house has recently suffered a US$1.2 billion write down due to weak coal prices last year.

Heavy losses

The refinancing replaces a US$1 billion loan as well as the US$1.1 billion L/C facility.

In February, Noble announced its first loss for nearly two decades of US$1.67 billion in 2015.

The trader's share price has been on the slide due to poor performance and accusations, which Noble denies, of inflating its assets by billions of dollars.

High interest rates

Ratings agencies Standard & Poor's and Moody's slashed Noble's investment grade ratings to junk in the wake of the scandal.

Reports suggest that Noble's refinancing deal calls for the trader to pay the highest interest rates in its history.

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