Olam obtains S$200m Sora-pegged club loan from DBS, ICBC Singapore

Singapore

AGRI-FOOD giant Olam International has obtained Singapore's first club loan pegged to the Singapore Overnight Rate Average (Sora) from DBS and the Industrial and Commercial Bank of China, Singapore Branch (ICBC Singapore).

Olam has the option to enter into a Sora cross-currency swap with DBS at the start of each interest period, giving added certainty on interest rates and swap SGD proceeds into USD, the three parties said in a joint statement on Monday.