Press Release

Singapore

Leading global food and agri-business Olam International Limited (“Olam’’) has continued to pursue sustainable financing with the issuance of a JPY5.5 billion (approximately US$50.0 million) five-year sustainability-linked transaction.  

Privately placed under Olam’s US$5.0 billion Euro Medium Term Note Programme, these Senior Notes due 2026 (the “Notes”) are Olam’s second sustainability-linked issuance, having issued the first such transaction in Asia (ex-Japan) of JPY7.0 billion in December 2020.  

The transaction is another step in Olam’s goal towards increasing its share of sustainable financing, with the Notes being its sixth sustainable financing, following the inaugural sustainability-linked notes and four loan facilities.  

Issued at a fixed coupon of 1.403% payable semi-annually in arrears, the Notes features a tiered, one-time step-down adjustment to the coupon rate linked to the achievement of agreed Sustainability Performance Targets (“SPTs”). Building on Olam’s inaugural sustainability-linked notes, the SPTs are structured to reflect Olam’s progressive advancement of its three Purpose outcomes, being:  

1. Prosperous Farmers and Food Systems,
2. Thriving Communities, and
3. Regeneration of the Living World.

Proceeds from the Notes will be used by Olam and its subsidiaries (the "Group") for working capital and general corporate purposes, including financing capital expenditure and potential acquisition opportunities which the Group may pursue in the future as part of its strategic objectives. 

Australia and New Zealand Banking Group acted as the Sole Manager, Sustainability Structuring Advisor and Swap dealer of the transaction.