Olam International has raised $601.7 million in gross proceeds through its right issue, with a total of 482.4 million shares to be issued at $1.25 per share.
The company had announced the three-for-20 rights issue on June 22, to be fully sub-underwritten by major shareholder Temasek.
In a filing to the Singapore Exchange on July 22, Olam disclosed that the rights issue was subscribed by 118.2%.
See also: Olam International: Splitting up and separate listings for sharper focus
Proceeds from the rights issue will largely be used to partially repay the two-year committed loan facility aggregating US$1 billion ($1.34 billion), along with accrued interest. The loan was used to finance the acquisition of OT Holdings Corp (Olde Thompson), which was completed at an enterprise value of US$950 million.
The rights shares are expected to be listed on the SGX-ST on July 28.
Shares in Olam closed 1 cent or 0.69% lower at $1.44 on July 22.
Photo: Bloomberg
