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Overview

Bank of China contributes to $250 million USD syndicated revolving loan facility to Olam Treasury for refinancing and general corporate purposes in 2023

Commitments (Constant USD, 2023)$125,000,000
Commitment Year•2023Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 3, 2023
Last repayment (originally scheduled)
Jan 2, 2025

Geospatial footprint

Map overview

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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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • DBS Bank Ltd.

Receiving agencies

Private Sector

  • Olam Treasury Pte. Ltd. (OTPL)

Guarantors

Private Sector

  • Olam Group, Ltd.

Loan desecription

Bank of China contributes to USD 250 million syndicated revolving loan facility to Olam Treasury for refinancing and general corporate purposes in 2023

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On January 3, 2003, financial close was reached on a deal in which a syndicate of 2 banks — including Bank of China (Singapore Branch) — entered into a $250 million USD syndicated revolving loan facility (RCF) agreement with Olam Treasury Pte Ltd. — a wholly-owned subsidiary of Olam Food Ingredients (OFI) — a Singaporean company specialized in naturally good food ingredients. The proceeds of the loan are used for refinancing of the exisiting loans and for general corporate purposes. The loan has a maturity of 2 years. While Bank of China (Singapore Branch) contributed to the loan, DBS bank also contributed and served as the facility agent. The loan is guaranteed by Olam Group — the parent company of OFI — which will transfer to ofi Group Limited post the planned IPO and demerger of ofi.

Staff comments

1. Olam Treasury Pte. Ltd. is a Singaporean company that manufactures agricultural products. The Company offers cocoa, coffee, cashew, rice, cotton, edible nuts, grains, sugar, vegetables, tomatoes, spices, rubber, oils, fertilizers, dairy, and other products. Olam Treasury serves customers worldwide. It is a subsidiary of Olam Group. 2. The individual contribution of the 2 lenders to this $250 million USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that each lender contributed an equal amount ($125,000,000 USD) to the loan syndicate. 3. Allen & Gledhill acted as transaction counsel to this RCF.