Commodity trader Noble Group has raised US$505mn in the form of a two-year revolving letter of credit and guarantee facility.

There were 10 banks involved in the facility: Bank of Taiwan, China Development Bank, Commerzbank, DBS, Société Générale, ING, Bank of Tokyo Mitsubishi-UFJ, Commonwealth Bank of Australia, First Gulf Bank, National Australia Bank.

The finance was raised in Singapore and will be used to issue trade and financial instruments and refinance existing debt.

Noble Group is a regular tapper of the RCF markets. Last year, for instance, almost 60 banks combined to raise US$2.4bn for the company.