Olam Agri secures $1.03b loan from UAE banks

The loan will be used to pay for some of the firm’s existing debts.

The food, feed and fibre operating group of SGX-listed tOlam Group Limited, Olam Agri, has secured a financing facility from banks in the United Arab Emirates (UAE) totalling $1.03b (US$745m).

The firm intends to use the loan to pay for other existing loans for general corporate purposes.

The loan 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.

Abu Dhabi Commercial Bank, First Abu Dhabi Bank (FAB) and Standard Chartered Bank are the Senior Mandated Lead Arrangers for the facility, whilst Emirates NBD Bank is the Mandated Lead Arranger and FAB the facility agent.

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