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Bond Market News
Olam Gets Approval from SGD Bondholders to Amend Terms; Fails to Get Approval from USD Bondholders
February 10, 2022
Olam International announced that it has received approval from its SGD bondholders to waive potential events of defaults and to replace the issuer to Olam Group, as part of a consent solicitation that ended with a meeting on Wednesday. The SGD bonds in question are its S$500mn 6% 2022s, S$600mn 4% 2026s, S$350mn 5.5% perps callable in July 2022 and S$550mn 5.375% perps callable in July 2026, IFR reports. This would pave the way for the proposed restructuring of the Singapore-listed agri-business into Olam Food Ingredients (OFI), Olam Global Agri and Olam International, and the carve-out, separation, demerger and IPO of OFI.
The company however failed to get quorum among holders of its $300mn 4.375% 2023s – Olam International will continue to remain the issuer on the notes that mature in less than a year on January 9. With regards to the exchange offer launched on its SGD 5.5% perps, Olam said that holders of S$54.5mn had accepted the exchange for the 5.375% perps callable in July 2026, leaving an amount outstanding on its 5.5% perps of S$295.5mn. The amount outstanding on its 5.375% perps will increase to S$604.5mn.
Olam’s SGD 5.375% perps are trading stable at 95.11 yielding 6.67%.
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