Olam successfully refinances flagship US$1,675 million debt facility

0
Olam successfully refinances flagship US$1,675 million debt facility - www.brandspurng.com

Leading global food and agri-business, Olam 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). 

Olam successfully refinances flagship US$1,675 million debt facility BrandspurngN Muthukumar, Managing Diector 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 co-borrower 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.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

54gene, US firm Illumina to launch Lagos genomics facility

Nigerian genetics startup 54gene has partnered US firm Illumina to power the creation of a world-class genomics facility in Lagos.

Read Also:  NSE Sets to “eRace” Cancer at the 2018 5km Corporate Challenge

Coca-Cola empowers 1,000 women, 4,000 more to go (Photos)

Over 1,000 women of the Magboro Makogi community, through a Coca-Cola Foundation-sponsored program; Catalyst For Change,  were trained for over four weeks on relevant skills with more than 200 empowered to start their own businesses.

September 2020 FGN Savings Bonds Offer for Subscription

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has introduced a retail savings product that will be accessible to all income groups – the FGN Savings Bonds.

67% of Consumers Have Returned to Non-Essential In-Store Shopping – Report

With COVID-19 lockdown measures around the world easing, just under three-quarters of global consumers (71%) now report feeling comfortable returning to physical stores since local lockdowns have eased, according to research published today by Mood Media, the world’s leading on-premise media solutions company dedicated to elevating the Customer Experience.

Six most popular tech companies stock ROI soars 352% in five years

In the stock market, the technology sector is among the best performing categories in recent years based on their Return on Investment (ROI). Despite being vulnerable just like other stocks, the category has remained resilient.

Local bourse halts uptrend of six consecutive trading days, sheds 0.09%

The Nigerian equity market today began the trading week on a negative note as the All-Share-Index depreciated by 0.09% to halt previous positive sentiment of six consecutive trading day.

Harder times for Nigerians as electricity bill hikes, food prices soar, fuel price skyrockets

The Federal Government, on Wednesday, announced the immediate increase in the pump price of petrol to N151.56 per litre from N149, being the third increase in three months.

Canon releases new Ultra-Compact Scanner, with flexible connectivity for small businesses

Canon has announced a new and easy-to-use desktop scanner, designed with flexible USB and WiFi connectivity, to support small businesses wherever their workspace is set up.