Olam Agri, the food, feed and fibre operating arm of SGX-listed Olam Group has secured a US$2 billion ($2.71 billion) bridge financing facility.
Proceeds from the 18-months facility will be used to support the group’s reorganisation plan and for general corporate purposes.
N Muthukumar, group CFO of Olam Group and CEO of operations at Olam Agri said the transaction provides Olam Agri significant financial flexibility while Olam Group continues on its reorganisation pathway.
The facility has Olam Agri Treasury as the borrower, guaranteed by Olam Group.
DBS Bank, Citibank, MUFG Bank and HSBC participated as senior mandated lead arrangers for the facilities. HSBC is the facility agent.
As at 9.51am, shares in Olam Group are trading 2 cents lower or 1.4% down at $1.41.
