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Olam unit bags US$1.75b sustainability-linked loan

Nineteen banks participated in the facility.

Olam Food Ingredients (ofi), a wholly-owned subsidiary of Olam Group, secured a multi-tranche sustainability-linked facility aggregating US$1.75b.

“The facility is initially guaranteed by Olam Group Limited which will transfer to ofi Group Limited following the planned IPO and demerger of ofi,” the company said in a bourse filing.

The facility compromises a two-year and three-year Revolving Credit Facility (“RCF”) and a three-year term loan.

“The interest margin on the facility is linked to the achievement of certain sustainability targets and could reduce if those targets are met,” Olam Group said.

Ofi will use proceeds from the facility to refinance its existing loans and general corporate purposes.

Meanwhile, Olam Group shared that 19 banks from Australia, Canada, China, Europe, Japan, the Middle East, Singapore and the United States participated in the facility across four tiers.

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