Olam issues cleanup call for $44.3 million 6% convertibles due 2016

By Susanna Moon

Chicago, Jan. 22 – Olam International Ltd. said it called its $44.3 million of outstanding 6% convertible bonds due 2016.

The convertibles will redeemed at par on Feb. 22, for a redemption price of $102,116.67 per $100,000 principal amount including interest, according to a company news release.

The notes are callable at par if at any time the aggregate principal amount outstanding is less than 10% of the amount originally issued, the company noted.

The call requires notice of between 30 days and 60 days.

The conversion period for the notes runs from Nov. 25, 2009 to the close of business on Feb. 10.

The conversion price is S$2.98 per share, adjusted as of Jan. 29, 2013, and the company’s stock (Singapore: O32) closed at S$1.655 per share on Jan. 21.

Olam said on Jan. 21 that it repurchased $10.3 million more of its $500 million 6% convertibles following recent tender offers.

As previously reported, the company purchased $175.9 million of the convertibles at 102.5 in a tender offer that ended Jan. 8 and $269.5 million of the convertibles at 102.5 in a tender offer that ended Dec. 18.

Olam is a food processing company based in Singapore.

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