PGG Wrightson is repaying $200 million worth of bank debt three months early, after raising almost $250 million from shareholders earlier this month.
Nearly $181 million was raised through a rights issue, with the company's new cornerstone shareholder, China-based Agria, putting in a further $68.5 million to shore up the balance sheet.
One of Agria's conditions in taking up an initial stake of 13% for $36 million, was that PGGW raised enough funds to repay the $200 million debt facility by the end of March.
Chairman Keith Smith says company will save on interest costs by repaying the debt earlier than planned
He says the listed rural services company is now in a sound financial footing for the New Year when the board will undergo a reshuffle.
