SINGAPORE and KFAR-SABA, Israel, July 5, 2022 /PRNewswire/ -- 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."
Rivulis is a global micro irrigation leader focused on enabling and promoting a sustainable agri-food supply chain to not only feed our planet but also save it from the perils of climate change.
Rivulis offers the most innovative irrigation solutions for seasonal, permanent, and protected crop environments, through its three product and service portfolio brands: Rivulis, Eurodrip and Manna. Established in 1966, Rivulis has 16 large-scale manufacturing sites located across six continents, three R&D Centers (Israel, California, and Greece) and multiple Irrigation Project Design Centers around the globe.
Leading the mass adoption of micro irrigation globally, Rivulis is committed to increasing accessibility to all growers everywhere through simple, affordable, and smart technology covering the full cycle from design to harvest. To learn how Rivulis can help you GROW BEYOND your highest expectations season after season, visit www.rivulis.com.
About HSBC Holdings plc:
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$3,022bn at 31 March 2022, HSBC is one of the world's largest banking and financial services organisations.
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