IOI Corp taps market for loan in place of CB

IOI opts for the cheapest funding route with a direct replacement of an Eu230 million bridge facility.

Mandated arranger Citigroup has been joined by senior co-arranger ING at the launch of an Eu230 million five-year syndicated loan for Malaysia's IOI Corp Bhd. The new transaction will take out an Eu230 million nine month bridge facility completed in November last year by ABN AMRO and Citigroup. That credit funded the purchase of Loders Croklaan, a leading supplier of specialty oils and fats for the food industry.

Earlier in the year it had been rumoured that the bridge would be refinanced via an Eu 80 million to Eu100 million convertible bond. However, while IOI Corp has yet to officially scrap plans for an equity-linked issue, observers believe it is unlikely to proceed....

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