Olam accepts $269.5 million tendered 6% convertibles, extends offer

By Marisa Wong

Morgantown, W.Va., Dec. 21 – Olam International Ltd. announced that holders had tendered $483.8 million of 6% convertible bonds due 2016 as of the expiration of its previously announced tender offer.

The company will accept $269.5 million of the bonds for repurchase, according to a Monday press release.

Based on the clearing price, which was set at 102.5, the company will repurchase the accepted bonds for $276,237,500 plus accrued interest to but excluding the settlement date, for a total settlement amount of $279,291,833.33.

The tender offer began on Dec. 9 and expired on Dec. 18. Settlement has been slated for Dec. 23.

Following the tender offer, there will be $230.5 million of the bonds outstanding.

The company also announced on Monday that it sent out to bondholders a notice of an extended invitation to tender their bonds.

The extended offer is for bondholders who offered to tender their bonds at a price above the clearing price or did not participate in the offer that just expired. The company plans to repurchase their bonds at a fixed tender price, which will be equal to the clearing price of the current offer.

The extended offer will expire at 7 a.m. ET on Jan. 8 and settle on Jan. 14.

Olam is a food processing company based in Singapore.

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