Olam greenshoe raises seven-year convertible bonds to $500 million

By Marisa Wong

Milwaukee , Oct. 1 – Olam International Ltd. announced that the joint lead managers of its recent offering of 6% seven-year convertible bonds have exercised the $100 million upsize option in full, raising the total offering to $500 million.

The $100 million of convertible bonds will be placed to Breedens Investments Pte Ltd, according to a press release. Breedens is already a “substantial” shareholder of Olam and is an indirect wholly-owned subsidiary of Temasek Holdings (Pte.) Ltd.

Olam priced $400 million of convertible bonds due 2016 on Sept. 2 to yield 6% with a 25% initial conversion premium.

J.P. Morgan (S.E.A.) Ltd. and Standard Chartered Bank were joint lead managers for the offering.

Proceeds will be used for expansion, including potential acquisitions, and for general corporate purposes.

Olam is a Singapore-based provider of supply chain management for agricultural products and food ingredients.

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