Press Release

    Issuance of S$400 million 6.00% Fixed Rates Notes due 2022

    Press release

     

    Olam International Limited (“Olam”), a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, has priced a S$400 million issuance of 10-year Senior Notes (the “Offering”) under its US$2,000,000,000 Euro Medium Term Note Programme.

    This transaction is Olam’s inaugural 10-year issuance, and is the longest tenor and the largest issue size achieved by Olam in the SGD bond market, further boosting Olam’s liquidity position and extending its debt maturity profile. The transaction was successfully priced following an intra-day bookbuilding exercise, and attracted over 70 investors across private banking, institutional accounts and banks, with an oversubscribed order book in excess of S$1.4 billion. In addition to demand from private banking accounts, the transaction also saw strong participation from institutional investors such as fund managers and banks, which collectively were allocated 30%. In terms of geographical distribution, the allocation was primarily to Singapore-based investors.

    The transaction, which priced at a final coupon of 6.0%, was well within the initial guidance, in the region of 6.25%, reflecting the quality of the order book.

    The Sole Lead Manager and Bookrunner for this issuance is Standard Chartered Bank. Shekhar Anantharaman, Olam’s Executive Director – Finance & Business Development said: “We are extremely pleased to have completed this benchmark issue and it is one more successful step to achieve the optimum debt maturity profile required to meet our strategic plan objectives. This Offering is the largest issue size and the longest tenor we have achieved in the SGD bond market. We are also pleased with the strong orderbook as well as investor diversification offered by the participation from both institutional investors and private banks.”

     

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