GENERAL: PGW: PGG Wrightson Discharges Subordinated Debt Facility

4 Feb 2010 4:26 pm

PGW 04/02/2010 GENERAL

REL: 1626 HRS PGG Wrightson Limited

GENERAL: PGW: PGG Wrightson Discharges Subordinated Debt Facility

PGG Wrightson Discharges Subordinated Debt Facility

PGG Wrightson Limited (PGW) today repaid its subordinated debt facility with South Canterbury Finance. The $22.8 million repayment to South Canterbury Finance was simultaneously refinanced through PGW's existing syndicated facilities with ANZ National Bank, Bank of New Zealand and Westpac Banking Corporation.

PGW's Managing Director, Tim Miles noted that the "successful capital raise and debt reduction completed in late 2009 enabled PGW to discharge the subordinated facility and consolidate its debt. This makes good sense from a practical viewpoint and provides some consequent interest savings. The refinancing of the debt also reflects well on the banking syndicate's continuing support for the business".

For further information: Jason Dale?Chief Financial Officer?Tel: +64 3 372 0812 Julian Daly?General Counsel / Company Secretary ?Tel: +64 3 372 0972 End CA:00190869 For:PGW Type:GENERAL Time:2010-02-04:16:26:46

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