SINGAPORE — Olam International Ltd. has secured a three-year, $350 million revolving credit facility that is linked to the company’s ability to reach digital improvement targets.

Olam said it was the world’s first “digital loan,” which is tied to its digital maturity. The maturity score is determined by the Boston Consulting Group using four digital building blocks: business strategy driven by digital; digitizing the core; new digital growth; and enablers.

Olam and the participating banks have agreed on yearly improvement targets, which, if met, will reduce the interest rate.

“We are delighted to be a part of this pioneering effort along with our banking partners, to launch this first-of-a-kind facility that links the interest rate on the loan to achieving measurable annual digital improvement targets,” said Shekhar Anantharaman, Olam’s executive director and group chief operating officer. “This financing can be a good template to drive the agriculture sector’s digital transformation and is another example of Olam’s commitment towards our purpose of Re-imagining Global Agriculture and Food Systems.”

Olam has appointed seven banks as mandated lead arrangers who will be participating in the facility in equal parts: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA); Singapore Branch, DBS Bank Ltd.; First Abu Dhabi Bank P.J.S.C. Singapore Branch; JPMorgan Chase Bank N.A.; Mizuho Bank Ltd.; Natixis Singapore Branch; and Standard Chartered Bank. BBVA is the digital coordinator and facility agent.

“We believe that companies that undertake a digital transformation will be the winners in their sector in the long term,” said Ricardo Laiseca, head of global finance at BBVA. “Digitization translates into greater competitiveness and profitability, which will allow these companies to stay ahead of the competition.”