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| Exchange Disseminated Time 15/01/2017 09:55:39 | Jain Irrigation Systems Ltd_DVR has informed BSE that Jain International Trading B.V ('JITBV'), the Company's wholly owned direct subsidiary, proposes to issue up to USD 200 Mn of unsecured senior notes (which will also be certified Green bonds) with a USD 50 Mn over-allotment option, in relation to which the Company propose to provide a guarantee ('Guarantee). The issuance of the Guarantee has been principally approved by the Board of Directors at their meeting held on January 14, 2017. However, the issuance of the Guarantee is subject to the successful issuance of the notes/bonds by JITBV, which will depend on the market conditions prevailing during the launch and agreement on terms between the investors, the Company and JITBV.
The Company estimate that the proceeds from this offering to be used as follows:
1. Approximately USD 200 Mn, to prepay, repay or refinance existing working capital and term loan facilities of the Company and subsidiaries and issue related / other expenses; and
2. balance proceeds to be used by the Company and subsidiaries for acquisitions, working capital spending, operating expenses, general corporate purpose or otherwise. |
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