Singapore-based Olam settles change-of-control put for 7½% bonds

By Marisa Wong

Madison, Wis., July 9 – Olam International Ltd. said holders put $917,000 of its $250 million 7½% bonds due 2020.

Payment for the put bonds was made on Wednesday, according to a notice.

Following cancellation of the put bonds, the outstanding principal amount of the bonds is $249,083,000.

As announced on May 26, a change of control occurred on May 23.

Specifically, Breedens Investments Pte. Ltd. and Aranda Investments Pte. Ltd., both indirect wholly owned subsidiaries of Temasek Holdings (Private) Ltd., collectively acquired more than 50% of Olam’s issued ordinary shares. As a result, Temasek has a deemed interest of more than 50% of Olam’s issued share capital.

Due to this change of control, holders could put their bonds at par plus accrued interest up to but excluding July 9, the change-of-control redemption date.

Holders had to deliver put notices by June 25.

Bank of New York Mellon, London Branch was the agent.

The company’s $500 million 6% convertible bonds due 2016 were also putable as a result of the change of control.

Olam is a food processing company based in Singapore.

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