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Olam prices US$300m 5-year fixed rate senior notes

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Olam International Limited has priced a benchmark US$300 million issuance of five-year senior notes due 2021, under its US$5 billion Euro Medium Term Note Programme.

OLAM International Limited has priced a benchmark US$300 million issuance of five-year senior notes due 2021, under its US$5 billion Euro Medium Term Note Programme.

The notes were "successfully priced" following an intraday book-building exercise, and attracted "diverse participation" with over 65 investors placing orders, resulting in an over-subscribed orderbook, Olam said on Tuesday.

In addition to demand from private banking accounts, the notes also saw strong participation from institutional investors such as fund managers and banks, which collectively were allocated 43 per cent of the notes.

In terms of geographical distribution, approximately 87 per cent was allocated to Asian investors, with the remainder allocated to European investors.

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The notes were priced at a final coupon of 4.50 per cent, which was within the initial guidance, said Olam.

The joint lead managers and joint bookrunners for the notes were Credit Suisse (Singapore) Limited, DBS Bank Ltd, and The Hongkong and Shanghai Banking Corporation Limited.

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