/ Jain Irrigation To Issue $ 200 Mn Of Unsecured Senior Notes ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 16 January 2017

According to a letter written to BSE on January 14, 2017, Jain Irrigation Systems Limited has informed the Bombay Stock Exchange about the company's wholly owned direct subsidiary, Jain International Trading B.V (JITBV), which proposes to issue up to $ 200 Mn of unsecured senior notes (which also are certified Green bonds) with a $ 50 Mn over-allotment option, in relation to which the Company proposes to provide a 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,” it mentioned.

They further concluded that around $ 200 Mn of the proceeds will be used to repay, prepay or refinance their existing working capital,term loan facilities and other expenses. Rest of the amount will be used by the Company and subsidiaries for acquisitions, working capital spending, operating expenses, general corporate purpose or otherwise.

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