,Singapore

Olam secures $205.37m SOFR club loan

Proceeds will be used for Olam's general corporate purposes.

Olam International Limited has secured a USD Secured Overnight Rate (SOFR) club loan worth $205.37m (US$150m).

Other partners in the SOFR loan are DBS and the Industrial and Commercial Bank of China (ICBC), Singapore branch. 

A tenor of one year with Olam Treasury Pte. Ltd. listed as co-borrower will be applied, with proceeds planned to be used for the general corporate purposes of Olam and its subsidiaries. Also included in the agreement is the allowing of crave-out, separation, proposed demerger and IP of as per Olam's re-organisation plan.

“We are delighted to continue our partnership with DBS and ICBC to explore financing solutions that aid us in the transition to alternative risk-free benchmark rates ahead of the impending discontinuation of LIBOR,’ said N Mutuhukamar, Group CFO, Olam.

This follows from Singapore’s first club loan pegged to the Singapore Overnight Rate Average, which was completed in September 2020, with DBS and ICBC Singapore participating.

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