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Subsidiaries of Singapore-based agriculture commodity trader Olam Agri have secured a three-year, $1.85 billion dual-tranche financing deal.
The funding comprises a $1.6 billion conventional facility and a $250 million Islamic tranche.
Olam Agri units, Olam Global Agri Pte. Ltd. and Olam Global Agri Treasury Pte. Ltd., are borrowers of the conventional tranche and purchasers for the Islamic tranche.
Proceeds from the facility will be used for general corporate purposes.
Food and agri-business conglomerate Olam Group owns 64.6% stake in Olam Agri, while the rest is owned by SALIC International Investment Company, a subsidiary of The Saudi Agricultural and Livestock Company, which is wholly-owned by the kingdom’s wealth fund, PIF.
For the conventional tranche, the Senior Mandated Lead Arrangers (MLA) are Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, BNP Paribas, ING Bank, Intesa Sanpaolo Bank, and Natixis. First Abu Dhabi Bank is Mandated Lead Arranger.
Dubai Islamic Bank is the Senior MLA and investment agent for the Islamic tranche. HSBC is the facility agent for the conventional tranche.
(Reporting by Seban Scaria; editing by Brinda Darasha)
