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SINGAPORE – Olam Group Limited (“Olam Group”) announced that its wholly owned subsidiary, olam food ingredients (“ofi”), a global leader in naturally good food and beverage ingredients, has secured a multi-tranche dual currency (USD & CNH) term loan facility aggregating US$1,120 million (the “Facility”).
The Facility has Olam Treasury Pte Ltd as a Borrower. The Facility is initially guaranteed by Olam Group Limited which would 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 has two US Dollar tranches aggregating US$775 million and a CNH tranche of CNH2,415 million (~ US$345 million).
A total of 12 banks participated in the Facility across three tiers: Senior Mandated Lead Arrangers:
1. Bank of China
2. Industrial and Commercial Bank of China
3. The Hongkong and Shanghai Banking Corporation (HSBC)
Mandated Lead Arrangers:
1. CTBC Bank
2. DBS Bank Ltd
3. Standard Chartered Bank (Singapore) Limited
Lead Arrangers:
1. Cathay United Bank
2. China CITIC Bank
3. Fubon Bank
4. Hang Seng Bank
5. Malayan Banking Berhad (Maybank)
6. Shanghai Pudong Development Bank
HSBC has been appointed as the Facility Agent.
About Olam Group
Olam Group is a leading food and agri-business supplying food, ingredients, feed and fibre to almost 22,000 customers worldwide. Olam value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a global network of farmers.
Through their purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam Group aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders.
Headquartered and listed in Singapore, Olam Group currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.
Since June 2020, Olam Group has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency.
About ofi
olam food ingredients (“ofi”) is a new operating group born out of Olam. ofi offers sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love. It consists of industry-leading businesses of cocoa, coffee, dairy, nuts, and spices.
ofi has built a unique global value chain presence including its own farming operations, farm-gate origination, and manufacturing facilities. ofi partners with customers, leveraging its complementary and differentiated portfolio of ‘on-trend’ food products, to co-create solutions that anticipate and meet changing consumer preferences as demand increases for healthier food that’s traceable and sustainable.
