Olam Agri bags $1b revolving credit facility

Proceeds will be used to pay off Olam Agri's existing loans.

Olam Group’s food, feed, and fibre operating group, Olam Agri, has secured a $1b (US$745m) revolving credit facility from banks in the United Arab Emirates (UAE).

Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Standard Chartered Bank, and Emirates NBD Bank are the senior mandated lead arrangers and bookrunners for the facility whilst HSBC acts as the facility agent.

Olam Group’s subsidiaries, Olam Global Agri and Olam Global Agri Treasury will act as borrowers of the facility with a tenor of three years.

Initially guaranteed by Olam Group, the Facility will transfer to Olam Agri following Olam Agri's demerger. 

Proceeds will be used to refinance Olam Agri's existing loans and for general corporate purposes.