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- Release Date: 12/11/12 18:15
- Summary: GENERAL: LIC: Correction - Agria loan
- Price Sensitive: No
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LIC
12/11/2012 16:15
GENERAL
REL: 1615 HRS Livestock Improvement Corporation Limited (NS)
GENERAL: LIC: Correction - Agria loan
Contrary to a report published by Fairfax Media at midday today, the $10
million loan made by Livestock Improvement (LIC) to Agria has not been
repaid. Fairfax Media have apologised for the error.
The statement published by LIC on 29 October 2012 stands -
Further to the update provided to the market on 23 October 2012, Livestock
Improvement Corporation (LIC) advises that discussions regarding repayment of
amounts owed to it by Agria are continuing.
To enable these discussions to continue, and to give Agria time to source
additional funds to enable repayment, the payment date for these amounts has
been extended. The effect of that extension is that an amount equal to not
less than 50% of the loan extended by LIC will fall due for payment on 19
December.
The balance of the outstanding amounts will fall due in March 2014, as
required per the subordination to the senior lender, if not repaid earlier.
Interest rates have been adjusted up on the loan to reflect the extension.
Further information will be provided, when LIC is able to do so.
Ends
For further information contact Clare Bayly, LIC Communications Manager,
Phone 0274 998862 [email protected].
End CA:00229606 For:LIC Type:GENERAL Time:2012-11-12 16:15:14
