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Press Release

Olam continues Purpose-driven financing momentum with US$1,450 million loan linked to AtSource® sustainability platform

Press release

Singapore

Leading global food and agri-business Olam International Limited (“Olam’’) has successfully secured a unique multi-tier AtSource-linked financing facility aggregating US$1,450 million (the “Facility”).  

AtSource is Olam’s revolutionary and award-winning sustainability insights platform for agricultural supply chains. It provides customers with a single view across their supply chain sustainability parameters*, as well as with insights into how they can effect positive change within the ecosystem and create value for all.  

 

N Muthukumar, Managing Director and Group CFO of Olam, said:

“We are proud to continue the momentum to pioneer Purpose-driven financing at Olam. This unique Facility links the financing to procurement done via our proprietary AtSource sustainability platform which in-turn catalyses responsible data-and insights-driven growth with our customers. I am delighted with the strong endorsement and support from our banking partners for this facility.” 


 

Roel Van Poppel, CEO of AtSource, said:

“AtSource was created to anticipate growing consumer demand for transparency, traceability and provenance of their goods. As the data provides demonstrably clear social and environmental impact, AtSource allows both Olam and its customers to drive meaningful change for farmers, communities and ecosystems. This in turn allows us collectively to deepen trust and confidence with consumers to create greater business value.” 


Proceeds from this Facility will be used to procure various agricultural raw materials under the Company’s proprietary AtSource platform. The latest Facility complements Olam’s existing sustainability-driven financing efforts†. 

Olam’s wholly-owned subsidiary, Olam Treasury Pte. Ltd. (“OTPL”), is a co-borrower in the Facility. The two-tier Facility consists of a multi-year revolving credit facility (“RCF”) of US$950 million and a 3-year term loan facility of US$500 million. The RCF is further split into 3 tranches – a one year tranche of US$190 million, a 2-year tranche of US$380 million and a 3-year tranche of US$380 million.

The Facility saw participation from a large and diverse group of 18 lenders: 

Senior Mandated Lead Arrangers: 

  1. Barclays Bank Plc.
  2. Citibank N.A.
  3. Credit Agricole Corporate & Investment Bank
  4. DBS Bank Ltd. (DBS)
  5. Deutsche Bank AG
  6. JP Morgan Chase Bank N.A.
  7. Maybank (Malayan Banking Berhad)
  8. Standard Chartered Bank (SCB)
  9. The Hongkong And Shanghai Banking Corporation Limited (HSBC)

Mandated Lead Arrangers: 

  1. Australia And New Zealand Banking Group Limited
  2. BNP Paribas
  3. Natixis
  4. Scotiabank (BNS Asia Ltd.)

Lead Arrangers: 

  1. Banco Bilbao Vizcaya Argentaria S.A.
  2. Intesa Sanpaolo S.p.A.
  3. MUFG Bank Ltd.
  4. National Australia Bank Limited
  5. Rabobank (Cöoperatieve Rabobank U.A)

DBS, SCB and HSBC are joint AtSource program co-ordinators for the Facility and HSBC has been appointed as the facility agent. 

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* AtSource actively monitors 9 core sustainability topics related to 12 SDG’s, across our network of smallholder farmers, Olam owned estates and farms, on 6 continents.

  1. Olam continues to pioneer sustainable financing with the first sustainability linked fixed rate note issuance in Asia (ex-Japan);
  2. Olam secures US$250 million sustainability-linked loan, its third in 2 years;
  3. Olam secures US$525 million sustainability KPI-linked loan;
  4. Olam International secures Asia’s first sustainability-linked club loan facility of US$500.0 million
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About Olam International Limited

Olam International is a leading food and agri-business supplying food, ingredients, feed and fibre to 17,300 customers worldwide. Our value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a sourcing network of an estimated 5 million farmers. 

Through our purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. 

Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.  

Since June 2020, Olam International has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency. The FTSE4Good Index Series identifies companies that demonstrate strong Environmental, Social and Governance (ESG) practices and is used by a variety of market participants to create and assess responsible investment funds. 

You can subscribe to the Olam Newsroom by clicking the 'subscribe' button at the top of any page on www.olamgroup.com (privacy statement here). If you do not wish to receive information from Olam please contact media@olamnet.com. 

More information on Olam can be found at www.olamgroup.com. 

Olam is located at 7 Straits View, Marina One East Tower #20-01, Singapore 018936.

Telephone: +65 63394100, Facsimile: +65 63399755.

 

Issued on behalf of Olam International Limited by:

WATATAWA Consulting, 77 Robinson Road, Robinson 77 #33-00, Singapore 068896

For further information, please contact:
Contacts for Olam Investor Relations
  • Aditya Renjen
  • Senior Vice President
  • +65 66031104, 96570339
  • aditya.renjen@olamnet.com
  • Chow Hung Hoeng
  • General Manager
  • +65 63179471, 98346335
  • chow.hunghoeng@olamnet.com
Contacts for WATATAWA
  • Josephine Chew
  • Managing Director
  • +65 90610353
  • jchew@we-watatawa.com
  • Ong Chor Hao
  • Deputy Director
  • +65 96272674
  • chorhaoo@we-watatawa.com