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Overview

Agricultural Bank of China contributes to USD 1.75 billion multi-tranche, sustainability-linked syndicated lending facility to Olam Group for debt refinancing and general corporate purposes

Commitments (Constant USD, 2023)$92,105,263
Commitment Year•2023Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 31, 2023
Last repayment (originally scheduled)
Apr 30, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Bank of Nova Scotia (Scotiabank)
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • DBS Bank Ltd.
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Standard Chartered Bank (Singapore) Limited
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • First Abu Dhabi Bank PJSC (FAB)

Receiving agencies

Private Sector

  • Olam Food Ingredients (stylized as olam food ingredients (ofI))

Guarantors

Private Sector

  • Olam Group, Ltd.

Loan description

Agricultural Bank of China contributions to USD 1.75 billion 2023 multi-tranche sustainability-linked syndicated lending facility for Olam Group debt refinancing and general corporate purposes

Interest type•UnknownMaturity•2.667 years

Narrative

Full Description

Project narrative

On August 31, 2023, a syndicate of 19 banks -- including Agricultural Bank of China -- signed an agreement to provide a USD 1.75 billion multi-tranche, sustainability-linked syndicated lending facility to olam food ingredients (ofI), a wholly-owned subsidiary of Olam Group, Ltd. The facility is comprised of three tranches: a two-year revolving credit facility, a three-year revolving credit facility, and a three-year term loan. Other lending details, including the amount of each tranche and their interest rates, are unknown. The interest rates on the facility are linked to the achievement of specific sustainability targets by Olam. The facility is guaranteed by Olam Group, Ltd. Proceeds from the facility will be used for debt refinancing and general corporate purposes. A total of 19 banks participated in the lending syndicate, including: Abu Dhabi Commercial Bank, DBS Bank, JPMorgan Chase Bank, Mizuho Bank, SMBC, Banco Bilbao Vizcaya Argentaria, BNP Paribas, Cooperatieve Rabobank, ING Bank N.V., Standard Chartered Bank, ANZ Group, Intesa Sanpaolo, ABC, Barclays Bank PLC, CA-CIB, First Abu Dhabi Bank, MUFG Bank, National Australia Bank, and Bank of Nova Scotia.