Rubicon informs market of ArborGen bank facility renewal
27 August 2013
Today Rubicon announced that ArborGen Inc, (31.67% owned by Rubicon), the world's leader in reforestation and a global supplier of genetically elite seedlings, had amended its existing US banking facility.
The existing bank financing agreement was for a term of one year, and was to have expired on 31 August 2013. However, ArborGen has, today signed an amendment to this agreement, which extends the facility term out another two years, to 31 August 2015. Luke Moriarty, Rubicon's CEO, said, "With this extended US facility now in place, and with ArborGen's NZ bank facility also in place out to November 2015, the debt refinancing of ArborGen and its subsidiaries has now been completed for a two-year period.
With that concluded, ArborGen is now far better placed to realise the full value from its existing operational strategies."
About ArborGen
ArborGen is the world leader in reforestation and a global supplier of genetically elite seedlings. It produces and sells over 275 million seedlings annually in the United States, Australia, and New Zealand, where it holds leading market positions. As the premier provider of improved technologies to forests managers and landowners, ArborGen is developing high-value products that significantly improve the economic returns and productivity of a given acre of land. These products enable ArborGen's customers to grow trees that yield more wood per acre with greater consistency and quality in a shorter period of time. ArborGen's work is improving the sustainability of working forests while helping to meet the world's growing need for wood, fibre and energy.