Olam International, an agri-business operating across the value chain in 70 countries, secured a $400 million revolving credit facility. Olam Treasury Pte Ltd, a 100% owned subsidiary of Olam, is a co-borrower and the facility is guaranteed by the company.
The facility consists of three tranches – a 364-day revolving credit facility of $160 million, a two-year revolving credit facility of $120 million and a three-year revolving credit facility of $120 million.
Proceeds from the facility will be applied toward the refinancing of existing loans of the company and subsidiaries.
The company has appointed Australia and New Zealand Banking Group Limited, Credit Suisse AG, Singapore Branch, DBS Bank, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, JPMorgan Chase Bank, Singapore Branch and Standard Chartered Bank, as mandated lead arrangers for the facility.
Jayant Parande, president and global head of Treasury & Investor Relations of Olam, said, “We are pleased to have secured this refinancing which extends our debt maturity profile at a competitive cost. We would like to thank our banking partners for their strong support for this loan transaction.”