OLAM Raises US$200,000,000 Through A Transferable Loan Facility/Floating Rate Notes, Arranged By Standard Chartered Bank
Olam International Limited (the “Company”) is pleased to announce that today the Company has raised US$200,000,000 from a financing transaction arranged by Standard Chartered Bank as follows:
1) The Company signed a Facility Agreement with a syndicate of banks for a US$119,500,000 transferable loan facility (the “TLF Facility”) to be granted by such banks to the Company. The TLF Facility is arranged by Standard Chartered Bank and will be for a period of three years.
2) In addition, the Company proposes to issue on the date of drawdown of the TLF Facility US$80,500,000 in principal amount of floating rate notes (the “Floating Rate Notes”) pursuant to the S$800,000,000 Multicurrency Medium Term Note Programme established by the Company. The Floating Rate Notes will have a tenor of three years and will not be listed on any stock exchange but will be cleared through The Central Depository (Pte) Limited.
The net proceeds from the TLF Facility and the issue of the Floating Rate Notes will be used for the purposes of refinancing existing borrowings, working capital requirements and general corporate purposes of the Company.