The three facilities comprise a US$1.2 billion 3-year term
loan and two 18-month bridge loan facilities of US$2.0 billion each. The term
loan facility will be used for general corporate purposes of the Olam Group
while the bridge loan facilities will be used to facilitate Olam’s
Re-organisation Plan.
Olam’s Group CFO, N Muthukumar said: “This landmark
transaction gives us significant flexibility to allocate financing across our
three new operating groups as part of our Reorganisation Plan. We thank our banking
partners for their strong commitment and support.”
The terms of the three facility agreements include
provisions that allow Olam to allocate the facilities to Olam Food Ingredients
(“OFI”), Olam Global Agri (“OGA”) and Olam International (“OIL”) operating
groups post the carve-out, separation, demerger and IPO of OFI as per the
Re-organisation Plan.
The term loan and one of the bridge loan facilities has
entities from OFI as Co-Borrowers, while the second bridge loan has entities
from OGA and OIL as additional Co-Borrowers. All facilities are guaranteed by
Olam.
Citibank, JP Morgan Chase Bank, MUFG Bank Ltd. and The
Hongkong And Shanghai Banking Corporation Limited (“HSBC”) participated as
Senior Mandated Lead Arrangers for the facilities. HSBC is the Facility Agent.
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