15 May 2009

Fundraising by Nufarm

12:29 pm on 15 May 2009

Nufarm plans to raise $300 million in capital via a fully underwritten institutional share placement.

In the short term, proceeds will be used to repay debt, reducing its debt gearing to between 25% - 30%.

The agricultural chemical company says the outlook for the global agriculture industry remains highly attractive and Nufarm is well-placed to capitalise on additional opportunities.

At the same time, Nufarm says managing director, Doug Rathbone will sell 1.75 million shares in a fully underwritten secondary offering, to raise almost $20 million.