Olam exercises option to upsize CB; sells it all to Temasek

The $100 million upsize option increases Olam's initial seven-year convertible bond to $500 million.

Singapore-listed Olam International on Thursday last week announced that it had exercised the $100 million upsize option on the $400 million seven-year convertible bond that it issued a month ago, increasing the total deal size to $500 million. The original CB attracted a lot of attention as it had to be reoffered below par with revised terms after investors deemed the original terms too aggressive.

The deal was much better received at the new terms and the bonds have been...

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