Olam secures US$650m revolving credit facility

OLAM International has secured a revolving credit facility aggregating US$650 million. This consists of two tranches of US$325 million each, a 364-day revolving credit facility and a two-year revolving credit facility.

Proceeds from the facility will be applied towards refinancing of existing debt and meeting working capital and general corporate funding requirements of the company.

Olam's group CFO, N Muthukumar said: "We are pleased to announce the successful completion of this refinancing, which is a part of our ongoing efforts to optimise the overall tenor and cost of our debt portfolio. We would like to thank our banking partners for their strong support and continuing commitment for this transaction."