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Olam Group unit gets inaugural sustainability-linked facility
By Mary-Katherine Stinson
Lexington, Ky., Aug. 30 – Olam Group Ltd.’s new operating group olam food ingredients (ofi) closed on a multitranche sustainability-linked facility totaling $1,975,000,000 with a syndicate of 19 banks participating across four tiers, according to a press release Tuesday.
The facility lists Olam Holdings BV as borrower and is initially guaranteed by Olam Group. Later, after a planned initial public offering and demerger of olam food ingredients, the guarantor will be ofi Group Ltd.
The facility is comprised of a two-year and three-year revolving credit facility and a three-year term loan.
The facility’s interest margin is linked to the achievement of sustainability targets across environmental, social and governance areas and could reduce if those targets are met.
Australia and New Zealand Banking Group Ltd., Banco Bilbao Vizcaya Argentaria, SA, DBS Bank Ltd., Mizuho Bank, Ltd., Natixis, Banco Santander, SA and Sumitomo Mitsui Banking Corp. are the joint sustainability coordinators and senior mandated lead arrangers.
Abu Dhabi Commercial Bank PJSC, BNP Paribas, Hongkong and Shanghai Banking Corp. Ltd., MUFG Bank Ltd., Standard Chartered Bank and Unicredit Bank AG are the senior mandated lead arrangers.
BNS Asia Ltd. is the mandated lead arranger.
Barclays, Citigroup, Commonwealth Bank of Australia, Erste Group Bank AG and Westpac Banking Corp. are lead arrangers.
HSBC is the facility agent.
Proceeds will be used to refinance ofi’s existing loans and for general corporate purposes.
Olam Group is a subsidiary holding company of Olam International Ltd., a Singapore-based supply chain manager and processor of agricultural products and food ingredients. ofi is a new operating group born out of Olam in early 2020 following the announcement of the reorganization within Olam International Ltd.
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