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Olam secures USD 2 bn credit facility

Press Trust of India  |  Singapore 

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 partners for their strong support and continuing commitment for this transaction.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 18:22 IST