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HomePosts Tagged "Rivulis Pte. Ltd"
Company News, Singapore, Trade, Water

Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India.

Singapore based Rivulis Pte. Ltd. has announced that it has received full regulatory approval for the acquisition of multiple overseas subsidiaries which comprise the International Irrigation Business (“IIB”) of Jain Irrigation. With this acquisition, Rivulis will lead the mass adoption of modern irrigation solutions and digital farming by growers and business partners to create an irrigation and climate leader globally. The acquisition has been finalized after all government authorizations and the precedent conditions required by the Share Purchase Agreement have been obtained and completed. Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India; In addition, debt issuances of Jain USA and NaanDanJain will be refinanced immediately post-Closing through a syndicated facility signed with leading banks including HSBC, Rabobank, State Bank of India, ING, Bank Leumi and the First International Bank of Israel.

Richard Klapholz, Rivulis CEO, commented: “As mentioned during the deal announcement last June, we are thrilled to have both companies join forces to build a long-lasting, purpose-led company, spearheading the transformation of agriculture through its focus on accessibility, innovation and sustainability. Since then, the employees of all companies have worked hard to jointly plan for this day, when we all become one company. Together, we will benefit from significant operational economies of scale and far reaching in-the-field presence, enabling us to be close to growers and business partners. We will also benefit from the most comprehensive micro irrigation and digital farming offering and most importantly from a fully committed, diverse employee base. I, wholeheartedly, welcome the Jain USA, AVI, IDC and global NaanDanJain teams and am certain that, as one company, we will become a formidable force as we establish ourselves as a global irrigation and climate leader. Water-efficient, environmentally sustainable technologies, such as micro irrigation, are needed to holistically address the global food and water security challenges. Together with our two shareholders, Temasek and Jain Irrigation, Rivulis’ next chapter will be an exciting one as we realize our GROW BEYOND mission to help growers achieve sustainable livelihoods and to become a global sustainability champion.”

Rivulis will finance the acquisition with additional

Company News, Finance, Water

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)

Rivulis Pte. Ltd. (“Rivulis”) announced 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.”

The Financing Package will allow Rivulis to