PGG Wrightson Finance is seeking bondholder approval to extend the maturity of $100 million of bonds by a year.The secured bonds currently mature on October 8, 2010.PGG Wrightson Finance was earlier this year accepted into the extended Crown retail deposi
PGG Wrightson Finance is seeking bondholder approval to extend the maturity of $100 million of bonds by a year.
The secured bonds currently mature on October 8, 2010.
PGG Wrightson Finance was earlier this year accepted into the extended Crown retail deposit guarantee scheme.
Because the extended scheme is on different terms, extending the bonds requires the approval of bondholders. A meeting is scheduled for July 28 in Christchurch.
Bondholders who hold in excess of $250,000 of bonds and other securities of PGG Wrightson Finance will be permitted to sell back the bonds to the company.
Under the extended scheme the benefit of the guarantee drops from $1 million to $250,000 per eligible investor. The company said there are a small number of bond holders affected.
