Olam Agri secures $2.38b dual-tranche financing facility

The facility has a three-year tenure.

Olam Agri has secured a three-year $2.38b (US$1.85b) dual-tranche financing facility.

The facility is split between a $1.93b (US$1.5b) conventional facility and a $322.39m (US$250m) Islamic tranche.

The facility has Olam Agri subsidiaries, namely, Olam Global Agri Pte. Ltd. and Olam Global Agri Treasury Pte. Ltd., as borrowers of the conventional tranche and as purchasers for the Islamic tranche.

The facility is initially guaranteed by Olam Group which will be assumed by Olam Agri upon demerger of Olam Agri. Proceeds from the facility will be applied towards general corporate purposes.

For the conventional tranche, the Senior Mandated Lead Arrangers are Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, BNP Paribas, ING Bank, Intesa Sanpaolo Bank, and Natixis. First Abu Dhabi Bank is Mandated Lead Arranger.

For the Islamic tranche, the Senior Mandated Lead Arranger is Dubai Islamic Bank (DIB) HSBC is the Facility Agent for the conventional tranche. DIB is the Investment Agent for the Islamic tranche.

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