Olam Food Ingredients secures $665m SACE-backed financing

The facility includes a five-year US$250 million tranche and a seven-year JPY37.38 billion tranche (US$250m).

The Olam Food Ingredients (ofi) has secured a US$500m (approximately S$665m) financing deal backed by Italian export credit agency SACE. 

The facility includes a five-year US$250m (S$332.63m) tranche, whilst the remaining financing will come in the form of a seven-year Japanese yen tranche. 

“This is a landmark facility – being ofi’s first ECA [export credit agency]-backed loan and SACE’s first “Samurai” JPY loan. This transaction forms a part of our financing strategy to diversify sources of capital and extend our debt maturity,” said Rishi Kalra, executive director and group CFO of ofi.

The funds will be used for general corporate purposes within the ofi Group.

Sumitomo Mitsui Banking Corporation (SMBC) served as the mandated lead arranger and bookrunner whilst Citibank acted as the mandated lead arranger for the facility. Additionally, SMBC was appointed as the coordinator and facility agent.