Olam upsizes flagship debt facility by US$300 million to US$1,975 million; 4 new banks joined facility
Leading global food and agri-business Olam International Limited (“Olam’’) announced that it has upsized its flagship US$1,675 million multi-tranche revolving credit facility that was secured on September 10, 2020 by an additional US$300 million.
Four new banks joined the facility – Bank of Baroda as a Senior Mandated Lead Arranger, Bank of China and Unicredit Bank AG as Mandated Lead Arrangers and Westpac Banking Corporation as a Lead Arranger, taking the total banking group to 25 banks.
The upsized facility of US$1,975 million, which has Olam’s wholly owned subsidiary, Olam Treasury Pte. Ltd. (“OTPL”) as a co-borrower, consists of three tranches – a 364-day revolving credit facility of US$790 million, a 2-year revolving credit facility of US$790 million and a 3-year revolving credit facility of US$395 million.
Proceeds from the facility will be applied towards refinancing of existing loans of Olam and its subsidiaries.