BayWa secures liquidity for over 500 mln euros
Aug 15 (Reuters) -BayWa BYWGnx.DE concluded standstill agreements with its main lending banks and a bridging loan agreement with a core group of banks, the German agricultural group said on Thursday.
BayWa said the loans, in addition to the sale of its shares in two holdings, allowed it to obtain additional liquidity totalling 547 million euros ($602.19 million) and secure financing until at least Sep. 30.
Bayerische Raiffeisen Beteiligungs-AG and Raiffeisen Agrar Invest have provided subordinated shareholder loans totalling 125 million euros to date, of which 75 million euros have already been paid out, the firm said in a statement.
Bayerische Raiffeisen and Raiffeisen Agrar Invest own more than 60% of shares in BayWa.
The company's shares inched up almost 5% after the announcement but pared some gains and were up 1.9% at 0750 GMT.
The farming supplies trader has been grappling with rising borrowing costs, and it suspended its full-year profit forecast in July citing an ongoing restructuring.
($1 = 0.9083 euros)
Reporting by Paolo Laudani, Editing by Miranda Murray
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