Olam secures revolving credit facility of US$1.75b

OLAM International Limited said on Friday that it has secured a revolving credit facility of US$1.75 billion.

Olam Treasury Pte Ltd, a 100 per cent owned subsidiary, is a co-borrower and the facility is guaranteed by the group.

The facility consists of three tranches - a 364-day revolving credit facility of US$583.33 million, a 2-year revolving credit facility of US$583.33 million and a 3-year revolving credit facility of US$583.34 million.

Proceeds from the facility will be applied towards refinancing of existing loans of the group and its subsidiaries, Olam said.

Separately, Olam announced that the number of its issued ordinary shares increased by 22,697 to 3,117,379,390 ordinary shares (including 99,743,600 treasury shares) following the allotment and issuance of new ordinary shares from the exercise of 22,697 warrants at the exercise price of US$1.09 each on Oct 13.

These new shares will be listed and quoted on SGX on Oct 17. The group still has 154.74 million outstanding number of warrants with an exercise price of US$1.09 expiring on Jan 29, 2018.