Chicago, April 20 – Olam International Ltd. sold a S$100 million add-on to the S$250 million 5 3/8% subordinated perpetual securities sold on Jan. 18, 2021 under the company’s $5 billion euro medium-term note program, according to a notice.
The securities are being sold at 100.013.
The securities start with a fixed 5 3/8% interest rate that resets on July 18, 2026 to the swap offer rate plus an initial spread of 480.7 basis points plus the step-up margin of 2%.
Interest is deferrable at the option of the issuer.
The notes can be called at par on the first reset date and every distribution date thereafter. Distribution dates are semiannual.
HSBC Ltd., Singapore Branch is the manager for the issuance of the series 021 tranche 002 securities.
Proceeds will be used for debt refinancing and possibly other purposes.
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: | Subordinated perpetual securities
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| Amount: | S$100 million
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| Maturity: | Perpetual
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| Bookrunner: | HSBC Ltd., Singapore Branch
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| Coupon: | 5 3/8% initial rate, resets on July 18, 2026 to swap offer rate plus an initial spread of 480.7 bps plus the step-up margin of 2%
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| Price: | 100.013
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| Call features: | Callable at par on July 18, 2026 and on semiannual distribution dates thereafter
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| Announcement date: | April 20
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| Distribution: | Regulation S
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| Original issue: | S$250 million sold on Jan. 18, 2021
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