PGG Wrightson refinances bank loans worth NZ$475 mln

Rural services firm PGG Wrightson announced it had refinanced all its existing bank facilities. The facilities amount to NZ$475 million and are provided by ANZ, BNZ and Westpac. PGG Wrightson said included in the facility were: NZ$275 million of core debt for a 30 month period to September 2011; NZ$125 million amortising facility to December 2010; and NZ$75 million of seasonal working capital to April 2010. It said it had drawn debt of NZ$410 million at mid-February. "(T)he company's banking syndicate is highly supportive of the company and its strategies allowing the business a 21 month period to reduce PGW's leverage to levels acceptable in the current credit environment," PGG Wrightson's managing director Tim Miles said.