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Olam plans US$150m note issue
OLAM International announced before the opening of Thursday trading a proposed issuance of US$150 million five-year senior notes under its US$5 billion Euro Medium Term Note Programme.
The proposed notes, to be priced at a final coupon rate of 4.5 per cent, will be issued under second tranche Series 10 and will be consolidated with the US$300 million notes issued on April 12.
The Series 10 Tranche 2 notes due in 2021 are priced at 101.651 per cent of their principal amount plus accrued interest from, and including April 12 to, but excluding their issue date. The expected issue date is Sept 14.
Olam said proceeds from the issue of the new notes will go towards general corporate purposes including repayment of existing debt.
Olam will be making an application to the Singapore Exchange Securities Trading Limited for permission to deal in and quotation of the notes.