Olam secures US$163 mil worth of medium-term loans

SINGAPORE (Mar 28): Olam International says it has secured a total of US$163 million ($213.4 million) in loans from Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA).

The medium-term financing facilities comprise two tranches: a US$83 million five-year facility for the group, as well as a US$80 million seven-year facility for its subsidiary, Café Outspan Vietnam (COVL), under a guarantee from Olam.

In a Wednesday announcement, the Singapore-headquartered agribusiness operator says its newly-secured loan proceeds will be used for the capital expenditure and working capital requirements of both the group and its COVL businesses in Vietnam, Indonesia, Timor-Leste and Papua New Guinea.

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