Olam unit secures 26.7b yen medium-term samurai loan facility
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OLAM International's O32 wholly-owned unit Olam Treasury has secured a medium-term samurai loan facility of 26.7 billion yen (S$324.7 million) in the Japanese market, the mainboard-listed group announced on Wednesday.
Samurai loans are yen-denominated, cross-border syndicated loans issued in Japan to overseas borrowers.
Guaranteed by Olam, the facility comprises a three-year tranche of 20.7 billion yen, as well as a five-year tranche of six billion yen.
Proceeds will be used to refinance Olam Treasury's existing loans and for general corporate purposes, said the group.
MUFG Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation (Singapore) and the Development Bank of Japan are the mandated lead arrangers and bookrunners for the facility. MUFG acted as the facility agent.
Shares of Olam were trading S$0.01 or 0.6 per cent higher at S$1.76 as at 1.52pm on Wednesday, after the announcement was made.
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