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Olam International secures Singapore's first SORA-pegged club loan of $200 mil with DBS and ICBC

Felicia Tan
Felicia Tan9/28/2020 07:57 AM GMT+08  • 1 min read
Olam International secures Singapore's first SORA-pegged club loan of $200 mil with DBS and ICBC
Proceeds from the loan will be applied towards general corporate purposes of Olam and its subsidiaries.
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Olam International announced on September 28, that it has secured a club loan pegged to the Singapore Overnight Rate Average (SORA) with DBS Bank and Industrial and Commercial Bank of China (ICBC) for $200 million.

The one-year committed revolving credit facility gives Olam the option to enter into a SORA cross-currency swap with DBS at the start of each interest period, which gives the group added certainty on interest rates and swap proceeds in SGD to the USD.

The SORA-pegged loan, which is the first in Singapore and the agri-business industry, marks another milestone in Singapore’s transition towards adopting SORA as the new interest rate benchmark for the Singapore dollar cash and derivatives market.

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