Olam Group subsidiary ofi bags $1.8b revolving credit facility

Proceeds from the facility will be used to refinance existing loans.

Olam Group unit, Olam Food Ingredients (ofi) has secured a $1.8b multi-tranche revolving credit facility and term loan.

The facility comprises a two-year and three-year revolving credit facility and a three-year term loan.

The facility is initially guaranteed by Olam Group Limited but will be transferred to ofi Group Limited following the planned IPO and demerger of ofi.

A total of 17 banks participated in the facility across three tiers with Citibank, DBS, JPMorgan Chase Bank N.A, MUFG Bank, Natixis, and HSBC as the senior mandated lead arrangers.

Proceeds from the facility will be applied towards refinancing of ofi’s existing loans and general corporate purposes.

HSBC has been appointed as the facility agent.

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