Olam secures USD 2 bn credit facility

A Singapore-based Indian-owned commodities trading company has secured a revolving credit facility worth USD 2 billion.

Olam International Ltd has acquired the facility which consist of three tranches - a 364-day revolving credit facility of USD 400 million, a two-year revolving credit facility of USD 800 million and a three-year revolving credit facility of USD 800 million.

Proceeds from the facility will be applied towards refinancing the existing syndicated and bilateral bank loans, the company said in a statement.

Olam's Group Chief Financial Officer N Muthukumar said: "We are extremely pleased to have concluded this refinancing which helps to optimise the overall tenor of our debt portfolio. We would like to thank our banking partners for their strong support and continuing commitment for this transaction.