Agria repays $5 million loan, interest owed to LIC
Agria repays $5 million loan, interest owed to Livestock Improvement
Dec. 4 (BusinessDesk) - Livestock Improvement, the farmer-owned bull semen and dairy genetics company, said China’s Agria has made early repayment on the balance of a loan that allowed it to take control of PGG Wrightson.
LIC provided the loan as part of Agria’s $144 million partial takeover of Wrightson in 2011 and last year gave the Chinese company until March 2014 to repay the balance, extending an earlier deadline. The funding allowed Agria to take control of New Zealand’s biggest rural services company including its valuable portfolio of proprietary seeds.
LIC today said Agria “has repaid the $5 million principal outstanding on the loan from LIC together with all interest owed up to this point. The payment marks early settlement of the balance of a loan of $10 million made by LIC to Agria in April 2011.”
LIC's shares last traded at $6.50 and have gained 20 percent this year.