New York, Sept. 1 - Olam International Ltd. priced $400 million of seven-year convertible bonds 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.
The sale has a $100 million greenshoe.
There is no hard call or put, but Olam can force conversion after five years, subject to a 130% hurdle.
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.
| Issuer: | Olam International Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $400 million
|
| Greenshoe: | $100 million
|
| Maturity: | Oct. 15, 2016
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Initial conversion premium: | 25%
|
| Initial conversion price: | S$3.0853, fixed exchange rate of S$1.44 to $1.00
|
| Soft call: | Forced conversion after five years, subject to 130% hurdle
|
| Hard call: | No
|
| Put: | No
|
| Pricing date: | Sept. 1
|
| Settlement: | Oct. 15
|
| Lead managers: | J.P. Morgan (S.E.A.) Ltd. and Standard Chartered Bank
|
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