Announcement
CREDIT: HNZ: HNZ Welcomes Credit Rating News
02:39pm
HNZ
16/06/2011 14:39
CREDIT
REL: 1439 HRS Heartland New Zealand Limited
CREDIT: HNZ: HNZ Welcomes Credit Rating News
NZX and Media Announcement
Positive indication from Standard & Poor's following announcement of
Heartland New Zealand purchase of PGG Wrightson Finance
16 June 2011
Heartland New Zealand welcomes news that ratings agency Standard & Poor's has
placed PGG Wrightson Finance Limited on CreditWatch Positive.
"We see this as a further endorsement of the quality of the asset we are
proposing to purchase and recognition of the strategic fit of PGG Wrightson
Finance within Heartland," Jeff Greenslade the chief executive of Heartland
said.
Standard & Poor's has indicated that should the purchase proceed that PGG
Wrightson Finance could expect to have its credit rating lifted from BB
(Outlook Stable) aligned with Heartland's investment grade rating of BBB-
(Outlook Stable).
A condition of the proposed purchase is that PGG Wrightson Finance debenture
holders approve the transaction and their debt is transferred to become
Heartland obligations.
"The PGG Wrightson Finance acquisition is clearly consistent with our
strategy and expands our presence in the economically important rural sector.
The acquisition will accelerate the achievement of our financial and
strategic objectives and forges strong links with New Zealand's leading rural
services provider."
Ends
For further information contact:
Jeff Greenslade
Chief Executive Officer
Heartland New Zealand
DDI: 09 927 9149
Mobile: 021 563 593
End CA:00210265 For:HNZ Type:CREDIT Time:2011-06-16 14:39:48
Click here
to view related attachments.
