ELDERS LIMITED — Capital/Financing Update 2020

May 21, 2020

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Friday 22 May 2020

Elders Agrees Partial Refinancing Terms

• New committed $50 million, 2-year facility to provide additional head-room

• 12-month extension and increased commitment for Elders’ debtor securitisation program

• Retention of existing syndicate of ANZ, NAB and Rabobank

Elders Limited ( ASX:ELD ) announces that it has agreed terms to partially refinance its debt facilities to deliver additional committed head-room and extended tenor.

Elders has reached agreement to refinance with existing financiers in accordance with Elders’ objective to maximise the efficiency and flexibility of debt facilities in support of business strategy and growth.

The re-finance package provides:

• A new $50m, 2-year commitment for working capital facilities.

• An increase in the committed limit for the Elders’ debtor securitisation program from $120m to $200m and an extension in tenor from Dec 2020 to Dec 2021.

Details of continuing and refinanced facilities are included in the Annexure. Facilities A and C are the refinanced facilities.

CEO Mark Allison said that the refinance “takes advantage of the positive momentum in the business following the successful consolidation of AIRR into the Elders group, a positive seasonal outlook and limited disruption from COVID-19.

“This refinance positions Elders for future growth in support of our Eight Point Plan whilst providing additional protection against COVID-19 disruption, should it eventuate.

“We are very pleased to continue our banking relationships with ANZ, NAB and Rabobank.”

The partial refinance is expected to complete in the coming days.

Further Information:

Mark Allison, Chief Executive Officer & Managing Director, 0439 030 905

Media Enquiries:

Meagan Burbidge, Senior Communications Specialist, 0417 841 092

Authorised by:

The Board of Elders Limited

Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000

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Annexure

Outline of Elders New and Continuing Facilities

Facility	Description	Tenor	Maturity	Limit ($m)
A. Debtor Securitisation	Debtor securitisation for the retail business	18	Dec 2021	200
B. Multi-Option	Multi-option facility to be used for general corporate purposes	36	Aug 2022	150
C. New General Purpose	To provide additional head-room to counter uncertainty from COVID-19	24	May 2022	50
D. AIRR Working Capital	General corporate purposes	36	Aug 2022	40
E. Bolt-on Acquisitions	Bolt-on acquisitions aligned to 3- year plan.	24	Aug 2021	30
F. Livestock / Feed	To fund Killara inventory and feed	12	Mar 2021	20
G. Overdraft	Transactional banking facility	12	Mar 2021	10
Total[1]				500

Notes

1. In addition, Elders has access to $50m uncommitted accordion for approved acquisitions and general working capital purposes.

2