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Olam Unit ofi Completes Maiden $300M Perpetual Hybrid Capital Instrument Issue

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Olam Group's (SGX:VC2) unit, olam food ingredients (ofi) has completed the issuance of its maiden $300 million perpetual hybrid capital instrument (HCI), according to a Thursday filing to the Singapore bourse.

The HCI were issued by ofi Treasury and were subscribed for by Melati Designated Activity, a third-party special purpose investment vehicle funded through committed bank facilities.

Under the terms of the issuance, ofi Treasury has the option to voluntarily redeem the HCI at any time.

Also, Olam Group and its wholly-owned subsidiary Olam International have granted certain option rights to Melati that require them to purchase the HCIs from Melati under certain circumstances.

The Olam unit plans to use the proceeds to refinance existing debt and for general corporate purposes.

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