By Rebecca Melvin
Concord, N.H., April 21 – Olam International Ltd. priced another S$50 million add-on to its 5 3/8% subordinated perpetual securities, according to a notice.
The company issued the initial S$250 million of subordinated securities on Jan. 18, 2021 and an additional S$100 million are to be issued on April 26, along with the latest securities.
Pricing of the add-ons is at 100.013 plus accrued interest from Jan. 18 to the issue date.
As previously reported, 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 200 bps.
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 series 021 tranche 003 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 securities
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| Amount: | S$50 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 200 bps
|
| Price: | 100.013 plus accrued interest
|
| Call features: | Callable at par on July 18, 2026 and on semiannual distribution dates thereafter
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| Announcement date: | April 21
|
| Issue date: | April 26
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| Distribution: | Regulation S
|
| Original issue: | S$250 million sold on Jan. 18, 2021, $S100 million add on to be sold April 26
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