New-look Olam eyes UAE growth with US$745mn financing facility

New-look Olam eyes UAE growth with US$745mn financing facility

Olam Agri, a subsidiary of agribusinesses and commodities giant Olam Group, has secured an AED2.74bn (US$745mn) financing facility from a group of banks in the United Arab Emirates. 

The facility is intended to support Olam Agri’s “increasing activity in the Gulf Cooperation Council region” while diversifying its funding mix, says chief executive of operations N Muthukumar, who is also CFO of Olam Group. 

Proceeds will be applied towards refinancing Olam Agri’s existing loans for general corporate purposes, the company adds. 

Abu Dhabi Commercial Bank, First Abu Dhabi Bank (FAB) and Standard Chartered are senior mandated lead arrangers for the facility, with Emirates NBD Bank as mandated lead arranger. FAB is also the facility agent.