Olam Announces US$2.22 Billion Revolving Credit Facility
Olam International Limited (“Olam’’ or “the Company”), a leading agri-business operating across the value chain in 65 countries, announced today that it has secured a US$2.22 billion 364-day committed unsecured revolving credit facility (the “Facility”).
Proceeds from the Facility will be applied towards refinancing of existing debt and meeting working capital and general corporate funding requirements of the Company.
The Company has appointed Australia and New Zealand Banking Group Limited, Commerzbank Aktiengesellschaft, The Hongkong and Shanghai Banking Corporation Limited, JPMorgan Chase Bank, N.A., Singapore Branch, NATIXIS, The Royal Bank of Scotland Plc and Standard Chartered Bank as the Senior Mandated Lead Arrangers (“SMLAs”) and Barclays Bank Plc., Banco Bilbao Vizcaya Argentaria S.A., Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as “Rabobank International”), Singapore Branch, DBS Bank Ltd. and National Australia Bank Limited as the Mandated Lead Arrangers (“MLAs”) of the Facility.
Olam’s Executive Director of Finance and Business Development, A. Shekhar said: “We are extremely pleased with the strong support we received for this Facility from our key relationship banks. This transaction is another step forward towards optimising our balance sheet structure and borrowing mix.
“With this Facility, we further improve the balance between the tenor of our borrowings and utilisation of the funds, which will also reduce our overall cost of borrowing. We will continue to actively monitor and optimise our debt portfolio in line with our strategic plan objectives.”