By Angela McDaniels
Tacoma, Wash., Sept. 13 - Olam International Ltd. priced $500 million of 5¾% five-year senior notes at par, according to a company news release.
Price talk was around 6%.
The joint lead managers and joint bookrunners were Credit Suisse (Singapore) Ltd., Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan (S.E.A.) Ltd., and UBS AG, Singapore Branch.
The notes were sold under the company's $2 billion euro medium-term note program.
The Regulation S offering was more than three times oversubscribed with $1.6 billion on the books. The company said about 81% of the issue was allocated to Asian investors and the remainder to European investors. About 30% was allocated to institutional investors.
"This marks one of our largest USD bond issue to date and our first issuance in the USD bond market since August 2010," Shekhar Anantharaman, Olam's executive director of finance and business development, said in the release.
Proceeds will be used for working capital purposes and general corporate purposes, including financing capital expenditures and potential acquisitions.
Olam International is a food processing company based in Singapore.
| Issuer: | Olam International Ltd.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 20, 2017
|
| Bookrunners: | Credit Suisse (Singapore) Ltd., Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan (S.E.A.) Ltd., and UBS AG, Singapore Branch
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Distribution: | Regulation S
|
| Price talk: | 6%
|
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