Olam completes US$1.5 billion debt refinancing

Palm oil plantation in Sumatra, IndonesiaPalm oil plantation in Sumatra, Indonesia

Olam International said Thursday it secured a multi-tranche revolving credit facility of a total US$1.53 billion to refinance its existing loans.

The facility has three tranches — a 364-day revolving credit facility of US$610 million, a two-year revolving credit facility of US$457.5 million and a three-year revolving credit facility of US$457.5 million, Olam said in a filing to SGX.

“This refinancing is an integral part of our ongoing efforts to proactively manage our capital structure. I would like to thank all the participating banks for their strong support in making this transaction a success,” Jayant Parande, president and global head of treasury and investor relations at Olam, said in the statement.

The lender group includes four senior mandated lead arrangers — ABN Amro Bank N.V., HSBC, National Australia Bank and Sumitomo Mitsui Banking Corp. — and 15 mandated lead arrangers — ANZ, BNP Paribas, BNS Asia, Commonwealth Bank of Australia, DBS Bank, Emirates NBD, ING Bank N.V., Hang Seng Bank, JP Morgan Chase Bank N.A., Mizuho Bank, MUFG Bank, Natixis, Standard Chartered Bank, UniCredit Bank AG and Westpac Banking.

HSBC is the Facility agent, the filing said.

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