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 edging higher in the secondary market from the reoffer price of 98. Before the option was exercised on Thursday they were quoted at 105.5-106. Investors are also generally positive about Olam's equity story after the...
¬ Haymarket Media Limited. All rights reserved.
