SINGAPORE (Nov 19): Olam International, the agri-business supply chain manager, announced today that it has secured revolving credit and term loan facilities aggregating US$2.475 billion ($3.2 billion).

The facilities consist of three equal tranches of US$825 million each, with a 364-day revolving credit facility, a two-year revolving credit facility and a three-year term loan.

Proceeds from the facilities will be applied towards refinancing of existing debt and meeting working capital and general corporate funding requirements of the company.

A. Shekhar, Olam’s Executive Director of Finance and Business Development, said: “We are extremely pleased with the strong support and continuing commitment from our banking partners for this transaction. This multi-tranche facility will be used primarily to refinance existing short-term debt and replace it with a combination of short and medium term financing as part of our ongoing efforts to optimise our borrowing mix.”

Among the senior mandated lead arrangers appointed are DBS Bank, The Hongkong and Shanghai Banking Corporation, Singapore Branch, ING Bank N.V., Singapore Branch, JPMorgan Chase Bank, N.A., Singapore Branch and NATIXIS, Singapore Branch.

Mandated lead arrangers for the facilities include Commonwealth Bank of Australia, Singapore Branch, Credit Suisse AG, Singapore Branch, Deutsche Bank AG, Singapore Branch and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank), Singapore Branch.

Olam closed 0.9% lower at $2.20.