Singapore’s Olam tenders for $500 million 6% convertibles due 2016

By Susanna Moon

Chicago, Dec. 9 – Olam International Ltd. said it began a tender offer for its $500 million 6% convertible bonds due 2016.

Holders may tender their convertibles via electronic tender instructions until 8 a.m. ET on Dec. 18.

The tender offer is being made as part of the company’s “commitment to the active management of its balance sheet, which includes the optimization of tenor and cost of its borrowings,” according to a company notice.

The company said it will announce by 8 p.m. ET on Dec. 21 the aggregate cash payment based on the principal amount of bonds it will repurchase and by 8 p.m. ET on Dec. 23 the total amount paid for the repurchase.

Settlement has been slated for Dec. 23.

Olam is a food processing company based in Singapore.

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