Jain International skips coupon payment on 7 1/8% senior notes due 2022

By Rebecca Melvin

New York, Feb. 12 – Jain International Trading BV said it will not make the interest payment due Feb. 1 on its 7 1/8% senior notes due 2022 (ISIN: XS1555346995), according to a notice.

The issuer said it is in discussions with certain of its working capital and term lenders in India and striving to address its liquidity issues.

The issuer did not make coupon payments that were due on this on Feb. 1, 2020 or Aug. 1, 2020 and an event of default remains ongoing.

The issuer is a subsidiary of Jain Irrigation Systems Ltd., a Jalgaon, India-based agri-business company and manufactures irrigation systems in India.

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