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Nufarm secures waivers on banking covenant breaches

Australian-listed farm chemical company Nufarm has secured waivers on banking covenants.

Earlier this month Nufarm signalled its net debt would reach $A620 million triggering covenant breaches for periods ending July 31 and October 30 this year.

The company announced today that the waiver agreement address all maturities falling due this year and is subject to hitting milestones based on the company’s projections and objectives.

Nufarm managing director Doug Rathbone said the company was working with lenders to establish a more efficient long-term banking structure.

The company will release its annual financial results tomorrow.