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Olam issues unsecured notes and close to 8 million additional warrants

OLAM International Limited will be issuing eight billion yen (S$96.5 million) 0.9825 per cent fixed rate senior unsecured notes due 2022 via a private placement.

On Wednesday, the agri-business said that the notes will be issued under the US$5 billion Euro Medium Term Note Programme established by the company on July 6, 2012 and last updated on Nov 23, 2016.

The notes will bear interest at a fixed rate of 0.9825 per cent per annum payable semi-annually in arrears. The notes are expected to be issued on Sept 27, 2017 and are expected to mature on Sept 27, 2022.

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

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On Wednesday, Olam also announced that it has issued about 7.9 million additional warrants to warrantholders on the basis of three additional warrants for every 164 warrants as at 5 pm on Sept 4, 2017.

The total number of warrants in issue is about 438 million. The additional warrants will be credited on Sept 21, 2017, Olam said.

Olam closed trading at S$2.02 on Wednesday, up one cent, or 0.5 per cent.

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