Olam's 5-year $400m bonds snapped up

OLAM International's five-year $400 million bond issue got strong demand from private bank clients, said DBS Bank yesterday.

The issue, the first after Olam became a Temasek Holdings subsidiary, received orders exceeding $1.7 billion from 102 accounts, and was priced at 4.25 per cent.

In March this year, Temasek Holdings' wholly owned subsidiary Breedens Investments made an offer for Olam, an integrated supply chain manager and processor of agricultural products and food ingredients. The offer closed in May, and the stake in the company increased to 58.5 per cent.