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Singapore-based Olam's 7½% bonds putable after change of control
By Marisa Wong
Madison, Wis., May 27 - Olam International Ltd. issued a notice to holders of its $250 million 7½% bonds due 2020 that a change of control occurred on May 23.
Specifically, Breedens Investments Pte. Ltd. and Aranda Investments Pte. Ltd., both indirect wholly owned subsidiaries of Temasek Holdings (Private) Ltd., have collectively acquired more than 50% of Olam's issued ordinary shares. As a result, Temasek now has a deemed interest of more than 50% of Olam's issued share capital.
Due to this change of control, holders may put their bonds at par plus accrued interest up to but excluding July 9, the change-of-control redemption date.
Holders must deliver put notices by June 25.
Bank of New York Mellon, London Branch is the agent.
The company's $500 million 6% convertible bonds due 2016 are also putable as a result of the change of control.
Olam is a food processing company based in Singapore.
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