PGG Wrightson taps banks for new funding
The financier, one of just seven deposit takers accepted into the extended guarantee, will tap a bank syndicate to extend its facilities for three years to get its funding profile beyond the term of the government scheme, which expires at the end of next year.
"A bank agreement that exceeds that by some two years provides a solid backbone to our diversified funding plan," said chief executive Mark Darrow in a statement.
"It is important that we lengthen our maturity profile out past the end of the guarantee scheme."
Darrow said investors were moving away from guaranteed deposits, with 30% of investors' money not subject to the guarantee or maturing beyond its expiry date.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
