Chicago, Aug. 18 – Olam International Ltd. priced S$400 million 4% fixed-rate senior notes due Feb. 24, 2026 at par, according to an announcement.
The notes are being issued under the company’s $5 billion euro medium-term note program established in July 2012 and last updated on May 5.
“This issuance marks Olam’s first return to the public capital markets since 2017. The issuance tenor of five years and six months helped extend our debt maturity into 2026, while still pricing within our secondary trading levels. The issue was well subscribed on the back of strong investor demand and is Olam’s lowest ever coupon for a S$ benchmark size transaction,” according to N. Muthukumar, managing director and group chief financial officer of Olam, in a news release.
Australia and New Zealand Banking Group Ltd., Credit Suisse (Singapore) Ltd., DBS Bank Ltd., HSBC Ltd., Singapore Branch and Standard Chartered Bank (Singapore) Ltd. worked as joint lead managers and bookrunners.
Proceeds will be used for debt refinancing.
Olam is a Singapore-based provider of supply chain management for agricultural products and food ingredients.
| Issuer: | Olam International Ltd.
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| Issue: | Fixed-rate senior notes
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| Amount: | S$400 million
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| Maturity: | Feb. 24, 2026
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| Bookrunners: | Australia and New Zealand Banking Group Ltd., Credit Suisse (Singapore) Ltd., DBS Bank Ltd., HSBC Ltd., Singapore Branch and Standard Chartered Bank (Singapore) Ltd.
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| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Announcement date: | Aug. 18
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| Settlement date: | Aug. 24
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