Mainfreight Ltd., the biggest trucking firm on the NZX 50 Index, which currently is wrestling with tough conditions in most markets, has rolled over about NZ$200 million of bank facilities, which gives it ongoing access to funds.

Negotiations with its banks, Westpac and Commonwealth Bank, were concluded by the company, in which they agreed to renew facilities made up of NZ$125 million and US$50 million, to run through until June 2012.

The shareholders were informed by managing director Don Braid, at the annual meeting, "We remain determined to retain strength in our balance sheet and to produce profits no matter the severity of the economic conditions and to continue our growth strategies."

By securing the funding, Mainfreight will get the freedom to continue its growth strategies.

Braid said: "Renewing the facilities comes at an additional funding cost as bank fees and borrowing costs have increased considerably over the last 18 months."

The first-quarter results are supposed to be released by Mainfreight on 20th August. Brad continued, "The Company hopes this year to be a tough one and our first quarter results will reflect the tougher trading conditions we have encountered."