Olam secures US$2.2b credit facility

COMMODITIES trader Olam International has secured a US$2.22 billion revolving credit facility, which will be used to refinance debt and to meet working capital and general corporate funding needs.

A Shekhar, the company's executive director of finance and business development, said in an announcement to the exchange: "With this facility, we further improve the balance between the tenor of our borrowings and utilisation of the funds, which will also reduce our overall cost of borrowing."

He said the firm will continue to monitor and optimise its debt portfolio.