Singapore-based Olam Agri, the food, feed and fibre operating group of Olam Group, has secured AED 2,740 million ($745 million) financing facility from the UAE banks.

Abu Dhabi Commercial Bank, First Abu Dhabi Bank 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.

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.”

Proceeds from the funding will be applied towards refinancing of Olam Agri’s existing loans for general corporate purposes.

In March, The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of Saudi Arabia's sovereign wealth fund, PIF, invested $1.24 billion for an estimated 35.4% stake in Olam Agri.       

(Writing by Seban Scaria; editing by Anoop Menon)