Olam International to issue 5.5b yen in senior unsecured notes due in 2021

OLAM International Limited will be issuing 5.5 billion yen (S$69 million) worth of fixed rate senior unsecured notes due in 2021.

The notes will be issued under the US$5 billion euro medium-term note programme established by the company on July 6, 2012 and updated on Aug 21, 2015, the commodities group said in a late night filing.

DBS Bank Ltd acted as sole manager for the issue of the notes. The notes will bear interest at a fixed rate of 1.427 per cent per annum payable semi-annually in arrears. The notes are expected to be issued on May 24 and are expected to mature in five years.

Proceeds from the issue of the notes will be used for working capital purposes and general corporate purposes, including financing capital expenditure and potential acquisition opportunities, Olam said.