Issuer: Olam International Limited
Issue: USD Subordinated Perpetual Securities
Ratings: Unrated
Format: Registered / Reg S. Off Issuer’s US$5 billion EMTN
Programme
Issue Size: US$ TBD
Tenor: Perpetual NC5
Ranking: Subordinated; senior only to the Issuer’s ordinary
shares; pari passu with parity obligations (including
the Issuer’s 7% perpetual capital securities issued
on 1 March 2012)
Initial Price Guidance: 5.5% area
Call Option: [July] 2021 & at every distribution date thereafter
at par
Distribution: Fixed, semi-annual, 30/360. Reset in Year 5 & every 5
years thereafter based on prevailing 5-year UST +
Initial Spread + Step Up Margin
Step Up Margin: 200bp in Year 5
Distribution Deferral: At Issuer’s discretion, subject to dividend stopper
and dividend pusher (with a look back period of 12
months). Any deferred distributions are cumulative
and compounding
Other Redemption: At par under Taxation Reasons, Accounting Reasons,
Tax Deductibility Reasons and Minimal Outstanding
Amount
Governing Law: English law, except that subordination provisions
applicable to the Issuer shall be governed by
Singapore law
Other Terms: SGX-ST listing, Euroclear/Clearstream clearing,
US$200K / 1K denoms
Use of Proceeds: To refinance the Issuer’s 7% perpetual capital
securities issued on 1 March 2012 and/or any one or
more of those purposes set out in the “Use of
Proceeds” section of the EMTN Offering Circular
Joint Lead Managers
and Bookrunners: CS, DBS, Standard Chartered Bank (B&D)
Expected Timing: As early as today’s business
** KEY COMPS:
OLAMSP 4.500 APR’21 NR $102.00 4.031%
CELSP 5.450 PERPnc NOV’18 NR $103.00 4.105% YTC
ICTPM 5.500 PERPnc MAY’21 NR $103.00 4.792% YTC