Olam International yesterday announced an offer to investors in its existing convertible bond to exchange their holdings for a newly issued CB. The company, a Singapore-listed supply chain manager of agricultural products and food ingredients, has been actively reducing the burden of the $300 million CB that it issued in July last year following a collapse both of the price of the bond and of Olam's share price.
In December Olam repurchased $117.6 million of the original CB through a tender offer, paying investors 65 cents on the dollar. And since then it has bought a further $6 million worth of bonds through open market purchases, leaving $176.4 million outstanding. The buy-backs have...
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