Advertisement
Singapore markets closed

  • Straits Times Index

    3,332.80
    -10.55 (-0.32%)
     

  • Nikkei

    39,583.08
    +241.54 (+0.61%)
     

  • Hang Seng

    17,718.61
    +2.14 (+0.01%)
     

  • FTSE 100

    8,164.12
    -15.56 (-0.19%)
     

  • Bitcoin USD

    60,948.09
    +746.67 (+1.24%)
     

  • CMC Crypto 200

    1,266.46
    -17.37 (-1.35%)
     

  • S&P 500

    5,460.48
    -22.39 (-0.41%)
     

  • Dow

    39,118.86
    -45.20 (-0.12%)
     

  • Nasdaq

    17,732.60
    -126.08 (-0.71%)
     

  • Gold

    2,336.90
    +0.30 (+0.01%)
     

  • Crude Oil

    81.46
    -0.28 (-0.34%)
     

  • 10-Yr Bond

    4.3430
    +0.0550 (+1.28%)
     

  • FTSE Bursa Malaysia

    1,590.09
    +5.15 (+0.32%)
     

  • Jakarta Composite Index

    7,063.58
    +95.63 (+1.37%)
     

  • PSE Index

    6,411.91
    +21.33 (+0.33%)
     

Olam Group subsidiary ofi secures US$1.8 bil multi-tranche loan facility

Jovi Ho
·2-min read

Olam announced the planned IPO and demerger of ofi back in August 2021.

Olam Group Limited’s wholly-owned subsidiary Olam Food Ingredients (ofi) has secured a US$1.8 billion ($2.44 billion) multi-tranche revolving credit facility and term loan, announced the company on June 26.

The facility comprises a two-year and three-year revolving credit facility and a three-year term loan. Proceeds from the facility will be applied towards refinancing of ofi’s existing loans and general corporate purposes.

A total of 17 banks participated in the facility across three tiers. The senior mandated lead arrangers are Citibank, DBS Bank, JPMorgan Chase Bank N.A, MUFG Bank, Natixis and the Hong Kong and Shanghai Banking Corporation (HSBC).

ADVERTISEMENT

HSBC has been appointed as the facility agent.

The facility is initially guaranteed by Olam Group Vc2 Limited, which will transfer to ofi following the planned IPO and demerger of ofi.

In August 2021, Olam announced that ofi intends to seek a primary listing on the premium segment of the London Stock Exchange, and a concurrent secondary listing in Singapore.

In August 2023, the group said it aimed to complete the IPO of Olam Agri, its agribusiness operating unit, by 1H2024, and the IPO of ofi would only proceed after Olam Agri goes public.

Ofi secured US$500 million in a separate facility back in March. The export credit agency-backed facility, comprising a five-year US$250 million tranche and a seven-year 37.38 billion yen tranche ($320 million), was backed by Italian export credit agency SACE.

Olam Agri announced on June 25 that it had secured a US$550 million revolving credit facility with a tenor of three years.

Shares in Olam Group closed 1 cent lower, or 0.87% down, at $1.14 on June 26.

See Also: