International Limited (“Olam’’) continues to maintain its strong financial position as it successfully secures a multi-tranche revolving credit facility aggregating US$1,675 million (the “Facility”).
N Muthukumar, Managing Director and Group CFO of Olam said: “I am pleased with the strong endorsement we have received from the market for the refinancing of our flagship US$1.67 billion revolving credit facility, which included the support from a large and diverse group of banks. The proactive management and strengthening of our balance sheet enables us to continue executing our strategy while supporting our customers, farmer-suppliers and other stakeholders as we navigate through the impact of COVID-19. I would like to thank our banking partners for their participation and support.”
The Facility has Olam’s wholly owned subsidiary, Olam Treasury Pte. Ltd. (“OTPL”), as a coborrower and consists of three tranches – a 364-day revolving credit facility of US$670 million, a 2-year revolving credit facility of US$670 million and a 3-year revolving credit facility of US$335 million.
The Facility saw participation from a large and diverse group of 21 lenders that comprised nine Senior Mandated Lead Arrangers – BNS Asia Limited, Commonwealth Bank of Australia, Credit Suisse AG, DBS Bank Ltd., The Hongkong And Shanghai Banking Corporation Limited, JP Morgan Chase Bank N.A., Mizuho Bank, Ltd., National Australia Bank Limited, Natixis; seven Mandated Lead Arrangers – Australia And New Zealand
Banking Group Limited, BNP Paribas, Hang Seng Bank Limited, ING Bank N.V., MUFG Bank Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and five Lead Arrangers – Banco Bilbao Vizcaya Argentaria S.A., Banco Santander S.A., Barclays Bank Plc., Citibank N.A., First Abu Dhabi Bank P.J.S.C.
Proceeds from the Facility will be applied towards refinancing of existing loans of Olam and its subsidiaries.
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