Nufarm Aust to offer $US300m of notes to refinance banking facility
BUSINESSDESK: Nufarm Australia plans to raise $US300 million by selling senior unsecured notes to US institutions, using the funds to reduce indebtedness under an Australian revolving bank facility.
If the offer is successful, Nufarm would reduce the $A625 million facility by $US250 million, it says.
The agricultural chemicals manufacturer says it has been assigned a Ba2 credit rating with a stable outlook by Moody's Investors Service.
Nufarm, the parent of Nufarm Australia, is to release its results for the year ended August 1 today.
Its shares last traded at A$5.85 on the ASX and have gained 41% this year.