Noble Group, a market leader in managing the global supply chain of agricultural, energy, and industrial products, facilitate trade between counterparties across industries and regions. Traditionally, Noble operated an asset-light pipeline strategy whereby it sourced commodities from low-cost supply markets and delivered them to high-growth demand markets, but without being actively involved in the physical transfer and transformation of the commodities. In the Spring of 2008, the firm was in the process of transforming its business model to an "asset- medium" pipeline strategy. The asset-medium strategy entailed selectively building and controlling key elements within supply chains. Examples include entering into contractual relationships with growers and owning ports, bulk carriers, off-loading facilities, and processing mills. A transformation towards greater asset intensity could influence a firm's debt structure in numerous ways. What changes to Noble's debt structure would you expect to see and recommend based on theoretical arguments as asset intensity increases? Discuss this in terms of relationship-based vs arm's length lending, private vs public borrowing, structural protections, debt maturity, and other security design choices. Noble Group, a market leader in managing the global supply chain of agricultural, energy, and industrial products, facilitate trade between counterparties across industries and regions. Traditionally, Noble operated an asset-light pipeline strategy whereby it sourced commodities from low-cost supply markets and delivered them to high-growth demand markets, but without being actively involved in the physical transfer and transformation of the commodities. In the Spring of 2008, the firm was in the process of transforming its business model to an "asset- medium" pipeline strategy. The asset-medium strategy entailed selectively building and controlling key elements within supply chains. Examples include entering into contractual relationships with growers and owning ports, bulk carriers, off-loading facilities, and processing mills. A transformation towards greater asset intensity could influence a firm's debt structure in numerous ways. What changes to Noble's debt structure would you expect to see and recommend based on theoretical arguments as asset intensity increases? Discuss this in terms of relationship-based vs arm's length lending, private vs public borrowing, structural protections, debt maturity, and other security design choices