Olam Agri secures AED 2.7k mn from UAE banks to bolster GCC activities

Olam Agri, the food, feed and fibre operating group of Olam Group Limited (“OlamGroup”), announced recently that it has secured a financing facility (“the Facility”) from banks in the United Arab Emirates (“UAE”) aggregating AED 2,740 million (approximately US$745 million).

N Muthukumar,Group CFO of Olam Group Image: Source

N Muthukumar, Group CFO of Olam Group and CEO of Operations at Olam Agri said “Olam Agri’s successfull inaugural AED term facility builds upon its increasing activity in the Gulf Cooperation Council region, and further diversifies our funding mix.”

The Facility has Olam Agri subsidiaries Olam Global Agri Pte. Ltd. and Olam Global Agri Treasury Pte. Ltd. as coborrowers with a tenor of two and a half years. The Facility is guaranteed by Olam Group. Proceeds from the Facility will be applied towards refinancing of Olam Agri’s existing loans for general corporate purposes.

Abu Dhabi Commercial Bank, First Abu Dhabi Bank (“FAB”) and Standard Chartered Bank are the Senior Mandated Lead Arrangers for the Facility, while Emirates NBD Bank is the Mandated Lead Arranger and FAB the Facility Agent.

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