SINGAPORE
,
August 31, 2023
(press release)
–
Get in Touch with Our CR&S TeamGet in Touch with Our CR&S TeamGet in Touch with Our Media Team Singapore Olam Group Limited (“Olam Group”) announced today that its wholly owned subsidiary, olam food ingredients (“ofi”), a global leader in naturally good food and beverage ingredients, has secured a multi-tranche sustainability-linked facility aggregating US$1,750 million (the “Facility”). Rishi Kalra, Executive Director and Group CFO of ofi said: A total of 19 banks from Australia, Canada, China, Europe, Japan, Middle East, Singapore and the United States participated in the Facility across four tiers: Joint Sustainability Coordinators and Senior Mandated Lead Arrangers Abu Dhabi Commercial Bank P.J.S.C. DBS Bank Ltd JPMorgan Chase Bank N.A Mizuho Bank Ltd Sumitomo Mitsui Banking Corporation Senior Mandated Lead Arrangers Banco Bilbao Vizcaya Argentaria S.A BNP Paribas Coöperatieve Rabobank U.A ING Bank N.V Standard Chartered Bank (Singapore) Limited Mandated Lead Arrangers Australia And New Zealand Banking Group Limited Intesa Sanpaolo S.P.A Lead Arrangers Agricultural Bank of China Limited Barclays Bank PLC Credit Agricole Corporate and Investment Bank MUFG Bank Ltd National Australia Bank Limited The Bank of Nova Scotia HSBC has been appointed as the Facility agent.
“At ofi, sustainability is at the heart of our operations. This Facility complements our strong liquidity position, sustainability efforts and our growth strategy to deliver sustainable, natural, value-added food and beverage ingredients and solutions through a diverse channel mix to customers across the globe.”
The Facility has Olam Treasury Pte Ltd as a Borrower. The Facility is initially guaranteed by Olam Group Limited which will transfer to ofi Group Limited following the planned IPO and demerger of ofi. Proceeds from the Facility will be applied towards refinancing of ofi’s existing loans and general corporate purposes. The Facility comprises a two-year and three-year Revolving Credit Facility (“RCF”) and a three-year term loan. The interest margin on the Facility is linked to the achievement of certain sustainability targets and could reduce if those targets are met.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.