05 July 2022, Israel: Rivulis Pte. Ltd. (“Rivulis”) announced today that it has signed definitive agreements with 5 banks for the financing of its current and future debt for an amount of up to US$250,000,000. The syndication was led by HSBC, with the participation of the State Bank of India (India), Rabobank (Netherlands), Leumi Bank (Israel) and First International Bank of Israel.
The Financing Package will allow Rivulis to re-finance its own debt and also re-finance the debt of the International Irrigation Business (“IIB”) of Jain Irrigation (India), which, according to prior announcements made on the 22nd of June 2022, will merge with Rivulis pending regulatory approvals. Whilst not in place now, Rivulis has the option to approach all the lenders to incorporate sustainability features based on KPIs (to be agreed) in order to track the Company’s ESG performance.
Eran Ezra, Rivulis CFO, explained: “This Financing package, offered by such prestigious banking institutions, underscores our strong forward momentum to become a global irrigation and climate leader, and is testimony to the strong backing received in this. The package will allow for strong organic growth while simultaneously enabling us to execute on our already announced merger with Jain’s IIB. The terms obtained by the banks, including covenant and maturities’ structure, will give us the operational flexibility we need to execute on our strategic plans to make modern irrigation accessible to growers across the globe and will enable management focus on the tasks ahead of us.”
Dalit Uri, HSBC Israel, Head of Corporate Banking, added: “We are proud to support Rivulis, a truly innovative company committed to resolving the most pressing challenges of our planet: feeding humanity while preserving the planet from the perils of climate change. As a leading international bank it was natural for us to become a part of Rivulis’ journey to help growers across the world.”
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