Olam International, an agri-business operating across the value chain in 65 countries, announced it has secured a revolving credit and term loan facility aggregating $1.0 billion.

The facility consists of two tranches, a $850 million 364-day revolving credit facility and a $150 million five-year term loan.

Olam said the 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 said it has appointed Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, The Bank of Nova Scotia Asia, The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commerzbank AG, Commonwealth Bank of Australia, Coöperatieve Centrale Raiffeisen-Boerenleenbank, DBS Bank, The Hongkong and Shanghai Banking Corporation, Intesa Sanpaolo, JPMorgan Chase, The Korea Development Bank, Mizuho Bank, National Australia Bank Limited, Natixis, Standard Chartered Bank, Sumitomo Mitsui Banking and Westpac Banking as mandated lead arrangers for the facility.

Olam’s executive director of Finance and Business Development, A. Shekhar said: “This refinancing is a part of our proactive capital management strategy of diversifying our debt portfolio and achieving an optimum mix of tenor and overall borrowing cost. We would like to thank our banking partners for their strong support and continuing commitment for this transaction.”

Olam is an agri-business operating across the value chain in 65 countries, supplying various products across 16 platforms to over 13,800 customers worldwide.