By Rebecca Melvin
New York, Dec. 11 – Olam International Ltd. has issued ¥7 billion of 2.05% five-year sustainability-linked notes, the company announced on Friday.
The financing represents the first such issuance in Asia excluding Japan, the company said.
The notes issued under Olam’s $5 billion euro medium-term note program were sold to the Development Bank of Japan via private placement.
They feature a tiered, one-time step-down coupon adjustment based on the company achieving its sustainability performance targets, which include improved farming, food systems and community outcomes.
Australia and New Zealand Banking Group Ltd. acted as manager, sustainability coordinator and swap dealer for the transaction.
The proceeds are earmarked for Olam’s and its subsidiaries’ working capital purposes and for general corporate purposes, including capital expenditure and potential acquisitions.
Olam is a food processing company based in Singapore.
| Issuer: | Olam International Ltd.
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| Issue: | Sustainability-linked senior notes
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| Amount: | ¥7 billion
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| Maturity: | Dec. 11, 2025
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| Manager: | Australia and New Zealand Banking Group
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| Coupon: | 2.05%
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| Step down: | One-time adjustment based on Olam achieving sustainability targets
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| Settlement date: | Dec. 11
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| Distribution: | Private placement
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