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PGG Wrightson says its reinvestment rates high

PGG Wrightson Finance has secured a $100 million facility from ASB Bank to support the continued growth of its rural lending.

Tuesday, June 10th 2008, 11:57PM
"Bringing in a new bank and additional funding at this point will ensure that PGG Wrightson Finance continues to grow.

That this could be achieved in the current environment reflects the sound lending and profitability of the business," PGG Wrightson group general manager Financial Services, Michael Thomas says."

Currently the firm funds its loans with retail deposits, bonds listed on the NZDX, bank credit lines and parent company equity.

He says this diversity of funding is a strength of the business. PGG Wrightson has had good retail support recently with a reinvestment rates of 78% last month and an average rate of 80% over the past 10 months.

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