PGG Wrightson Finance said holders of its $100 million NZDX-listed bond issue have approved a plan to extend of the maturity of the issue by a year.The company adjourned a bondholder meeting on July 28 to vote on the matter because the required quorum was
PGG Wrightson Finance said holders of its $100 million NZDX-listed bond issue have approved a plan to extend of the maturity of the issue by a year.
The company adjourned a bondholder meeting on July 28 to vote on the matter because the required quorum was not present at the meeting either in person or by proxy.
Today the company said nearly 90 percent of bondholders approved the proposal. The vote had a 75 percent support hurdle.
"The ultimate outcome of this approval by bondholders will be the extension of the maturity date of the secured bonds by the company for a further 12 months, to October 8, 2011. Under the extension proposal the coupon rate will remain at 8.25 percent," the company said.
The company will confirm the decision to extend the maturity date of the secured bonds within the next few days.
Forsyth Barr is lead manager for the extension of the secured bonds.
PGG Wrightson Finance has been approved under the extended Crown deposit guarantee scheme. Because the scheme has different terms to the existing scheme approval from bondholders was required to extend the maturity of the bond issue.
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