By Joseph Edegbo
Olam Agri, the food, feed and fibre operating group of Olam Group Limited (“Olam Group”), announced on Wednesday that it has secured a financing facility (“the Facility”) from banks in the United Arab Emirates (“UAE”) aggregating AED 2,740 million (approximately US$745 million).
N Muthukumar, Group CFO of Olam Group and CEO of Operations at Olam Agri said.
“Olam Agri’s successful inaugural AED term facility builds upon its increasing activity in the Gulf Cooperation Council region, and further diversifies our funding mix.”
The Facility has Olam Agri subsidiaries Olam Global Agri Pte. Ltd. and Olam Global Agri Treasury Pte. Ltd. as co-borrowers with a tenor of two and a half years. The Facility is guaranteed by Olam Group. Proceeds from the Facility will be applied towards refinancing of Olam Agri’s existing loans for general corporate purposes.
Abu Dhabi Commercial Bank, First Abu Dhabi Bank (“FAB”) and Standard Chartered Bank are the Senior Mandated Lead Arrangers for the Facility, while Emirates NBD Bank is the Mandated Lead Arranger and FAB the Facility Agent
About Olam Agri
Olam Agri is a market leading, differentiated food, feed and fibre agri-business with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years.
With a strong presence in high-growth emerging markets and products across grains & oilseeds, animal feed & protein, rice, edible oils, specialty grains & seeds, cotton, wood products, rubber and commodity financial services, Olam Agri is at the heart of global food and agri-trade flows with more than 40 million MT in volume traded annually.
Focused on transforming food, feed and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future.
Olam Agri is a fully owned subsidiary of Olam Group.
