Olam issues 9 billion yen five-year notes due 2026 in private placement

Palm kernels at a plantation in IndonesiaPalm kernels at a plantation in Indonesia

Olam International has issued 9 billion yen, or around US$81 million, in five-year notes due 2026 via a private placement, the global food and agri-business company said in a filing to SGX Thursday.

“Proceeds from notes will be used by Olam and its subsidiaries for working capital purposes and general corporate purposes, including re-financing of debt, financing capital expenditure and potential acquisition opportunities which the group may pursue in the future as part of its strategic objectives,” Olam said in the statement.

The notes were issued at a fixed coupon of 1.61 percent payable semi-annually, with maturity on 2 September 2026, Olam said.

The placement was made under Olam’s US$5 billion euro medium-term note program, the filing said.

The sole manager and swap dealer for the transaction was Societe Generale (Singapore), Olam said.