By Marisa Wong
Morgantown, W.Va., July 31 – Singapore’s Olam International Ltd. priced S$50 million of additional subordinated perpetual securities at 100.25 plus accrued distributions from July 11 to Aug. 4, according to a company news release.
The securities will be consolidated and form a single series with the S$300 million of subordinated perpetual securities that priced at par on July 3.
Standard Chartered Bank is the manager for the add-on securities. The joint lead managers and joint bookrunners for the original Regulation S offering were Credit Suisse (Singapore) Ltd., DBS Bank Ltd., HSBC Corp. Ltd., Singapore Branch and Standard Chartered Bank.
The notes will be callable at par after five years, at which time the coupon will be reset.
The notes were sold under the company’s updated $5 billion euro medium-term note program.
Proceeds will be used for working capital purposes and general corporate purposes, including financing capital expenditures and potential acquisitions.
Singapore-based Olam International is a supply chain manager and processor of agricultural products and food ingredients.
| Issuer: | Olam International Ltd.
|
| Issue: | Subordinated perpetual securities, add-on
|
| Amount: | S$50 million
|
| Maturity: | Perpetual
|
| Manager: | Standard Chartered Bank
|
| Coupon: | 5˝% for the first five years, after which it will reset every five years at swap offer rate plus initial spread of 368.5 bps plus step-up margin of 200 bps
|
| Price: | 100.25 plus accrued distributions from July 11 to Aug. 4
|
| Call: | At par beginning July 11, 2022 and on any distribution payment date after that
|
| Settlement date: | Aug. 4
|
| Distribution: | Regulation S
|
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