ArborGen Renegotiates and Extends Synovus Agreement

ArborGen Renegotiates and Extends Synovus Agreement
17 November 2020 - ArborGen Holdings (ArborGen) announced today the renegotiation and
extension of its revolving credit facility agreement with Synovus Financial Corporation (Synovus)
relating to a $17 million letter of credit (LOC) facility in the US. The amendment extended the term of
the LOC from 31 August 2021 to 31 August 2023.
As part of the amendment to the agreement, Synovus has also agreed to –
 increase the annual 60-day (continuous) pay down maximum borrowing limit to $10 million,
from $7.5 million previously, and
 release the final $2 million of restricted cash Synovus previously required as part collateral for
the LOC facility.
The interest rate applicable to the LOC is the 30-day London Inter-bank Offered Rate (LIBOR) base rate
plus 2.75% with a minimum annual rate of 3.5%.

ArborGen’s chairman, Dave Knott, said, “We are very pleased with the renegotiation of the Synovus
LOC which further reinforces the strong established relationships we have with our banks.”
ArborGen has two further bank debt facilities in the US –
 A $9.9 million non-revolving promissory note with AgSouth Farm Credit, with a maturity date
of 1 May 2026, which is secured against ArborGen’s US real estate excluding the Ridgeville
headquarters, and
 An $11.1 million mortgage with Synovus, secured by ArborGen’s headquarters in Ridgeville,
South Carolina.


ArborGen
ArborGen is the largest commercial global seedling supplier and a leading provider of advanced genetics, for the
forest industry. Employing state-of-the-art technology, ArborGen is developing high-value products that
significantly improve the productivity of a given acre of land by enabling our customers to grow trees that yield
more wood per acre with greater consistency and quality in a shorter period of time. ArborGen’s products are
improving the sustainability of plantation forests while helping to meet the world’s growing need for wood, fibre
and energy. For more information, please visit ArborGen’s website at www.arborgen.com.

All references to currencies in this document are in US dollars (US$).


To: NZX From: Sharon Ludher-Chandra

Further information on ArborGen Holdings Limited can be viewed at our web site http://www.arborgenholdings.com.