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Olam secures 30b yen medium term loan facility
OLAM International's wholly owned subsidiary, Olam Treasury, has secured its second term loan facility totalling 30 billion yen (S$365 million) in the Japanese loan market.
The facility consists of two tranches - a three-year, 20.7 billion yen tranche, and a five-year, 9.3 billion yen tranche - and is guaranteed by Olam. Proceeds from the facility will be applied towards refinancing existing loans of Olam and its subsidiaries, and for general corporate purposes.
MUFG Bank Ltd, Mizuho Bank, and Development Bank of Japan Inc acted as mandated lead arrangers and bookrunners (MLABs) for the facility, with Mizuho Bank acting as facility agent. Barclays Bank acted as the sole swap provider.
The facility was syndicated by the MLABs in the Japanese loan market and oversubscribed during the book-building process, with the final facility amount being upsized from the initial launch. In addition to the MLABs, 12 Japanese banks and institutions also participated in the facility.
Jayant Parande, president and global head of treasury and investor relations of Olam, said: “We are extremely pleased to have completed our second samurai loan facility in the Japanese market. The transaction is in line with our strategic objectives of lender diversification and tenor extension at competitive pricing levels."