UAE banks loan Singapore’s Olam Agri $745m to refinance existing loans

Singapore-based Olam Agri, the food, feed and fiber operating group of Olam Group, has secured a $745 million financing facility from the UAE banks to refinance existing loans for general corporate purposes, Zawya reports.
Abu Dhabi Commercial Bank, First Abu Dhabi Bank 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, the online outlet notes.
“Olam Agri’s successful inaugural AED term facility builds upon its increasing activity in the Gulf Cooperation Council region, and further diversifies our funding mix,” said N Muthukumar, Group CFO of Olam Group and CEO of Operations at Olam Agri.
In March, The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund, PIF, invested $1.24 billion for an estimated 35.4% stake in Olam Agri.

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