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Rubicon extends bank financing agreement

Friday 8th July 2011

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Rubicon has extended its bank financing agreement with ANZ National Bank to July 2013 and increased the facility size to $US20 million.

Rubicon chief executive Luke Moriarty said the debt refinancing of the company and its subsidiaries had now been completed.

That followed the extension to the ANZ facility, and the establishment of a new five-year $US57.5m syndicated financing facility plus an additional $US12.5m accordion feature by wood products company Tenon, in which Rubicon has a 58 percent stake.

With that behind Rubicon, and with the agreement of partners in tree improvement and production business ArborGen to fund ArborGen's development programme by another $US15m this year, Rubicon was now far better placed to ensure it could extract value for shareholders from its two core investments, Moriarty said.

NZPA



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