By Rebecca Melvin
Concord, N.H., Nov. 23 – Olam International Ltd. sold S$125 million and S$25 million add-on tranches to its subordinated perpetual securities, according to a company announcement.
The securities were issued under the company’s $5 billion euro medium-term note program. They are tranches 004 and tranche 005, respectively, of the the series 021 securities and will be consolidated and form a single series with the existing S$250 million tranche issued on Jan. 18, 2021, S$100 million tranche issued on April 26, 2021 and S$50 million tranche, also issued on April 26, 2021.
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 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.
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: | Add-on subordinated perpetual securities
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| Amount: | S$150 million
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| Maturity: | Perpetual
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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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| Call features: | Callable at par on July 18, 2026 and on semiannual distribution dates thereafter
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| Announcement date: | Nov. 23
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| Listing date: | Nov. 24
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| Distribution: | Regulation S
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| Total deal size`: | S$550 million
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