Singapore-based food and beverage ingredient supplier Olam Food Ingredients (OFI) has secured a multi-tranche sustainability-linked US$1.975 billion facility, whose proceeds will be applied towards refinancing of its existing loans and for general corporate purposes.
The facility comprises a two- and three-year revolving credit facility and a three-year term loan. The interest margin on the facility is linked to the achievement of sustainability targets across environmental, social and governance (ESG) areas and could be reduced if those targets are met.
“Sustainability is at the heart of our operations,” says Rishi Kalra, OFI’s executive director and group CFO. “This facility is fully aligned with our growth strategy to deliver sustainable, natural, value-added food and beverage ingredients and solutions, through a diverse channel mix, to customers across the globe.”
A total of 19 banks from Australia, Canada, Europe, Japan, Middle East, Singapore and the United States participated in the facility across four tiers. Joint sustainability coordinators and senior mandated lead arrangers are ANZ, BBVA, DBS Bank, Mizuho Bank, Natixis, Banco Santander and SMBC.
Senior mandated lead arrangers are ADCB, BNP Paribas, HSBC, MUFG Bank, Standard Chartered Bank, Unicredit Bank, Scotiabank, Barclays Bank, Citigroup, Commonwealth Bank of Australia, Erste Group Bank and Westpac Banking Corporation. HSBC is the facility agent.