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Article: Boss tight-lipped on size of loan to Crafar Farms; PGG WRIGHTSON FINANCE
- Article from:
- The Press
- Article date:
- October 13, 2009
- Author:
CopyrightCopyright 2009 The Press. Provided by ProQuest LLC. (Hide copyright information)
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PGG Wrightson Finance is keeping mum on what it has lent to
Crafar Farms, which is in receivership, but it has about $150
million of dairy loans all up.
PGG Wrightson Finance head Mark Darrow said he was not able to
reveal its part of the banking syndicate's lending to Crafar Farms
but PGGW was a "very junior" party.
The others in the banking syndicate are Westpac and Rabobank and
Crafar Farms is reported to have about $200m of debt to the
syndicate.
Of PGGW Finance's $630m finance book, dairy loans made up 24 per
cent - about $150m.
Darrow said PGGW Finance's lending was 100 per cent to
agriculture and was spread across several sectors including sheep
and beef farming. Its exposure to ...