$100m for PGWF

Farming sector lender PGG Wrightson Finance (PGWF) has obtained a $100 million facility from ASB Bank.

Bringing in a new bank and additional funding would ensure PGWF continued to grow, PGG Wrightson group general manager financial services Michael Thomas said.

PGWF funds its loans with retail deposits, bonds, bank credit lines and parent company equity.

The support from retail deposit clients had seen PGWF counter the industry trend of lower reinvestment rates, with a rate of 78 per cent last month and an average rate of 80 per cent over the past 10 months, Thomas said.