Olam subsidiary sells S$250 million worth fixed rate notes

SINGAPORE - Olam International said its subsidiary has sold US$175 million (S$249 million) worth of five-year fixed rate notes in a private placement on Tuesday.

Olam Americas placed out the notes to six US investors at a fixed coupon of 3.9 per cent for five years.

The company said US$100 million of the notes were available for subscription but these were oversubscribed by US$75 million.

The proceeds from the notes issue will be used by Olam Americas to repay debt and be utilised for working capital purposes, the company said.