Olam Group Limited’s wholly-owned subsidiary Olam Food Ingredients (ofi) has secured a JPY46.5 billion ($427.2 million) medium-term samurai loan facility.
The facility has Olam Treasury as a borrower and comprises a three-year tranche. Proceeds from the facility will be applied towards refinancing of ofi’s existing loans and general corporate purposes.
MUFG Bank has been appointed as the facility agent, with MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation as lead arrangers and bookrunners for the facility.
Currently, the facility is guaranteed by Olam Group VC2 , which will later transfer to ofi following the planned IPO and demerger of the latter.
Prior to this loan, Olam announced that ofi secured a US$1.8 billion ($2.44 billion) multi-tranche revolving credit facility and term loan on June 26.
Shares in Olam Group closed flat at $1.16 on Sept 17.
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