Olam proposes US$150m note issue

Olam International's warehouse (right) and storage and distribution van (left). Olam International announced on Thursday, Sept 8, that it proposes to issue US$150m (S$202m) five-year senior unsecured notes due 2021.
Olam International's warehouse (right) and storage and distribution van (left). Olam International announced on Thursday, Sept 8, that it proposes to issue US$150m (S$202m) five-year senior unsecured notes due 2021. PHOTO: OLAM INTERNATIONAL

SINGAPORE - Olam International announced on Thursday (Sept 8) that it proposes to issue US$150 million five-year senior unsecured notes due 2021.

The proposed notes will be priced at a fixed rate of 4.5 per cent per annum. The notes, which come under Olam's US$5 billion Euro Medium Term Note Programme, are expected to be issued on Sept 14.

Olam said proceeds from the issue will be used by the company and its subsidiaries for general corporate purposes including repayment of existing debt.

The new notes will be consolidated and form a single series with Olam's existing US$300 million notes issued on April 12.