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Olam Americas unit issues US$170m notes in US
A WHOLLY owned subsidiary of Singapore-listed Olam International has placed US$170 million more notes in the US bond market.
The Singapore-listed parent said after trading closed on Friday that Olam Americas Inc has priced a follow-on US$170 million issuance of five-year fixed rate notes in a private placement.
This takes Olam Americas' total issuances in the US bond market to US$345 million.
The notes were placed to eight investors in the US at a spread of 195 basis points over the five-year US treasury rate, which translates to a fixed coupon of 3.73 per cent for five years.
Proceeds from the notes issue will be used to repay existing bank debt and fund general corporate purposes of Olam Americas and its US affiliates.
Rabo Securities acted as the sole placement agent for the transaction.