Reuters reports Noble Group Ltd is now seeking an increased size of $3 billion to refinance debt coming due in May, even as it remains embroiled in a controversy over an obscure research firm's allegations of employing improper accounting rules.

The commodities trader is expected to come out with a term sheet imminently and finalise terms on the loan within a couple of weeks, the Reuters article notes.

According to the Reuters article, the loan comes in the wake of Iceberg Research's allegations that Noble used accounting techniques to mislead markets.

Reuters notes the funds from Noble's new loan will refinance a $2 billion 364-day revolving credit, signed in May 2014, as well as the three-year tranches of a multi-tranche loan of about $2.36 billion, signed in May 2012.

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