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Home Sectors Consumer Goods

Olam International upsizes debt facility to $1.98 billion, to refinance its loans

Omokolade Ajayi by Omokolade Ajayi
October 7, 2020
in Consumer Goods
Olam International upsizes debt facility to $1.98 billion, to refinance its loans
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Leading food and agri-business company, Olam International, has announced that it has upsized its flagship debt facility of $1.675 billion by $300 million, to $1.975 billion. The debt facility will be disbursed to refinance existing loans of Olam and its subsidiaries.

This information was disclosed by the company in a press release yesterday, which was seen by Nairametrics.

READ: CBN raises alarm over fake tweet posts on N50 billion COVID-19 fund

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According to the information contained in the press release, the company announced that it has upsized its flagship $1.675 billion multi-tranche revolving credit facility that was secured on September 10, 2020, by an additional $300 million.

The upsized facility of $1.975 billion, which has Olam’s wholly-owned subsidiary, Olam Treasury Pte. Ltd. (“OTPL”) as a co-borrower, consists of three tranches – a 364-day revolving credit facility of $790 million, a 2-year revolving credit facility of $790 million and a 3-year revolving credit facility of $395 million.

READ: CBN waives guarantor requirement for N50 billion COVID-19 loan applications

The Management of Olam emphasized that the proceeds from the credit facility provided by a total of 25 banks, will be deployed efficiently towards refinancing existing loans of Olam and its subsidiaries.

However, the debt facility will also help the company strengthen its balance sheet, and enable the leading agri-business group to execute its plans and strategy while supporting our customers, farmer-suppliers, and other stakeholders, as they navigate through the impact of COVID-19.

READ: NIRSAL explains why it is not disbursing N50 billion CBN loan

In an earlier press release on September 10, 2020, Olam International confirmed that 21 lenders participated in the flagship debt facility of $1.675 billion.

Four new banks have now joined the facility – Bank of Baroda as a Senior Mandated Lead Arranger, Bank of China, Unicredit Bank AG as Mandated Lead Arrangers, and Westpac Banking Corporation as a Lead Arranger; taking the total lenders to 25 banks.

READ: UPDATE: Dangote announces impending sale of Dangote Flour Mills Plc to Olam

Recall, in a press release on June 18, 2020, Olam international said it secured a revolving sustainability-linked credit facility aggregating $250 million, which is linked to meeting key sustainability performance indicators, aligned with the three Purpose outcomes of the Company’s sustainability strategy. The KPIs will be tracked and reported by Olam’s Corporate Responsibility & Sustainability team, while Ernst & Young will perform procedures to independently assess the achievement of the KPIs.

However, the upsized facility of $1.975 billion and other facilities since 2018 which amount to $1.675 billion, brings the total consideration of the group’s credit facility to $3.65 billion.


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Tags: Bank of BarodaBank of ChinaBusiness NewsCompany Financial ResultsCOMPANY RESULTSOlam InternationalUnicredit BankWestpac Banking Corporation
Omokolade Ajayi

Omokolade Ajayi

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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