Olam plans rights issue of bonds with warrants

The deal may raise a combined $1.21 billion and comes as Muddy Waters accuses the Singapore-listed company of being too aggressive on spending and debt.

Olam plans rights issue of bonds with warrants

Olam International, the Singapore-listed supply chain manager and processor of agricultural products that has come under attack by short-seller Muddy Waters, is planning a renounceable rights issue of bonds with warrants that could result in a combined cash inflow of about $1.21 billion.

In an announcement issued late last night the company said it will offer $750 million worth of five-year bonds with a 6.75% coupon to its existing shareholders. The bonds will issued...

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