commodity-demand-spurs-interest-in-olam-cb

Commodity demand spurs interest in Olam CB

The $300 million bond is priced with a 30% premium, while the coupon and yield are both set at the wide end of terms with the aim of exercising the $100 million upsize option.
Olam International, a global supply chain manager and trader of agricultural products and food ingredients, has raised $300 million from a convertible bond that attracted strong interest from buyers but, in the end, priced at the best terms for investors.

A source notes that OlamÆs management is keen to ensure that the bonds trade well in the secondary market so that it will be able to exercise the $100 million upsize option. JPMorgan and Macquarie were the joint arrangers for the CB, which after the pricing late last night was quoted just over par at 100.75. The deal attracted more than 75 investors, including some existing shareholders of the company who picked up...
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