By Taylor Fox
New York, Jan. 12 – Olam International Ltd. priced S$250 million of subordinated perpetual securities at par, according to an announcement.
The notes were well subscribed, leading to a distribution rate of 5 3/8%, tightened from initial guidance of 5˝%, according to a press release.
The distribution rate is 5 3/8% until the first call date on July 18, 2026. The distribution rate will reset on the first call date and every five years after that to the swap offer rate plus an initial spread of 480.7 basis points plus a step-up margin of 200 bps.
Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch and Standard Chartered Bank (Singapore) Ltd. are joint lead managers and bookrunners for the Regulation S deal.
The notes are expected to be issued on Jan. 18 under the company’s $5 billion euro medium-term note program, with the proceeds earmarked for debt refinancing.
Olam is a Singapore-based provider of supply chain management for agricultural products and food ingredients.
| Issuer: | Olam International Ltd.
|
| Issue: | Subordinated perpetual securities
|
| Amount: | S$250 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch and Standard Chartered Bank (Singapore) Ltd.
|
| Distribution rate: | 5 3/8% initially; resets on July 18, 2026 and every five years after that to the swap offer rate plus an initial spread of 480.7 bps plus a step-up margin of 200 bps
|
| Price: | Par
|
| Price talk: | 5˝%
|
| Call option: | In whole at par on July 18, 2026 and any semiannual distribution payment date after that
|
| Settlement date: | Jan. 18
|
| Distribution: | Regulation S
|
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