Olam secures $349.36m sustainability-linked loan | Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis
,Singapore
12 views

Olam secures $349.36m sustainability-linked loan

The credit facility consists of three tranches.

Food and global agri-business, Olam International Limited and its wholly owned subsidiary, Olam Treasury, has secured a revolving sustainability-linked credit facility aggregating $349.36m (US$250m), according to an announcement.

The credit facility consists of three tranches with a 1-year revolving sustainability-linked credit facility (SRCF) of $69.87m (US$50m), a two-year SRCF of $139.75m (US$100m), and a three-year SRCF of $139.75m (US$100m).

Olam’s managing director and group CFO, N Muthukumar noted that this is the third sustainability-linked loan that Olam has executed in the last two years. Last year, the company announced a $733.66m (US$525m) sustainability KPI-linked RCF, and launched the world’s first Digital Loan of $489.11m (US$350m). It also announced Asia’s first sustainability-linked club loan of $698.73m (US$500m) in 2018.

The interest margin on the credit facility is linked to the achievement of key sustainability performance indicators (KPI) improvement targets and could be lower than comparable conventional loans, if those targets are met.

Proceeds will be applied towards general corporate purposes of Olam and its subsidiaries.

Under the facility, Olam has identified farmers and food systems, communities as KPIs that are aligned with the company’s sustainability strategy. The KPIs will be tracked and reported by Olam’s Corporate Responsibility & Sustainability team. Ernst & Young will perform procedures to independently assess the achievement of the KPIs.

Olam has appointed tANZ, DBS, as well as Standard Chartered Bank as senior
mandated lead arrangers and joint sustainability coordinators, whilst Rabobank will be the mandated lead arranger. Standard Chartered Bank has also been appointed as the facility agent.
 

Get Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

And SG, US affirm American presence in Southeast Asia as “vital.”
This chart from the inaugural Independent Reserve Cryptocurrency Index shows that more than 50% of Singaporeans believe Bitcoin’s value will increase past $50,000 in 2030.
This included one-off partial distribution of divestment gains of S$20m.
This is attributed to the lower rental reliefs to retail tenants at Festival Walk and higher average occupancy from IXINAL Monzen-nakacho Building.
The Tripartite Committee on Workplace Fairness targets to complete its work by H1 2022.
A total of 811 condos were sold in the last quarter, the highest since Q4 2010.
The SMAs are focused on global infrastructure projects.
The company said their income was driven by its latest acquisitions.
The Jobs Support Scheme has been extended to 18 August.
The bank is now allowing small- and medium-sized enterprises to avail the loan digitally.
Inflation for all items meanwhile remained unchanged at 2.4% YoY.
SMEs that qualify for the UOB Start digital pack will be offered six months of free access.
This was supported by grants extended by the government, such as the Jobs Support Scheme.
The group’s profits after tax ballooned by as much as 138.4%.