In a statement to the Australian Stock Exchange this morning, Elders said the agreements: extend the date for repayment of its short-term debt facilities from June 30 to September 30, 2009; and change the testing date for financial covenants with its banks and US Private Placement from June 30 to September 30.

"To date, Elders has incurred costs associated with the extension and refinancing of approximately $10 million before tax; inclusive of the extension fees and the costs of its own advisers and those of advisers to the banks and note holders that it is obliged to pay under the terms of its lending arrangements," the statement says.

"The increase in interest rate paid is equivalent to an average increase of approximately 300bp above the existing cost of debt."

Elders says the extension has been put in place to provide the company with enough time to "enable orderly completion of the refinancing of the current financing facilities into a new syndicated facility".

Elders says it has sufficient financial capacity for the extension period, including available bank facilities and unrestricted cash of approximately $180 million.