Olam gets needed consents from holders of 4% notes due 2026

By Marisa Wong

Los Angeles, Feb. 10 – Singapore’s Olam International Ltd. said it obtained the necessary votes to pass the extraordinary resolution presented at the noteholders’ meeting held at 4:10 a.m. ET on Feb. 9.

Olam had launched a consent solicitation on Jan. 18 for its S$600 million 4% notes due 2026 (ISIN: SGXF63577419).

The company asked noteholders to, among other things, waive any and all potential events of default or events of default that have arisen or may arise due to some proposed transactions including a proposed restructuring, proposed dividend in specie, proposed disposal, proposed dilution and proposed demerger; and any and all potential events of default or events of default that have arisen or may arise due to Olam’s S$500 million 6% notes due 2022 (ISIN: SG6X10986208) and $300 million 4 3/8% notes due 2023 (ISIN: XS1575977365) or any series of private notes becoming capable of being declared due and repayable as a result of the failure by the issuer to obtain the aforementioned restructuring-related waivers. The private notes include yen- and U.S. dollar-denominated notes.

Olam will pay a consent fee, but this is conditioned on, among other things, the lodgement of the scheme court order with the registrar of companies. The settlement date is expected to be no later than the seventh business day following the satisfaction of the consent settlement conditions. There is currently no fixed date for the satisfaction of the scheme condition, the company noted.

The company offered an early consent fee of 0.5% of the principal amount of notes for which voting instructions had been delivered by 4 a.m. ET on Jan. 31, the early consent deadline. Holders who delivered voting instructions after the early deadline but before 4 a.m. ET on Feb. 7, the expiration time, will be eligible to receive the expiration time consent fee of 0.25%.

Tricor Singapore Pte. Ltd. (+65 6236 3550 / 3555, is.corporateactions@sg.tricorglobal.com) was the CDP meeting agent.

HSBC, Singapore Branch (+65 9170 5738, +852 3941 0223, liability.management@hsbcib.com) and Standard Chartered Bank (Singapore) (+65 6596 9645, DCM.Singapore@sc.com) are the dealer managers.

Bank of New York Mellon, London Branch is the trustee.

Olam is a Singapore-based supply chain manager and processor of agricultural products and food ingredients.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.