SCF looks to raise another $100 mill
South Canterbury Finance is looking to raise up to $100 million through a secured bonds offer.
Monday, May 12th 2008, 5:51PM
Forsyth Barr has been appointed lead manager of the proposed offer.
It is expected Forsyth Barr will underwrite the offer up to $75 million.
The bonds will be first ranking, secured, three-year term, fixed rate securities with interest paid at the higher of 10.50% and a margin of 2.75% above the three year swap rate following the closing of the offer.
SCF, which has a BBB- Standard and Poor's rating, conducted a successful bond offer last year. That offer closed fully subscribed and it is understood SCF was surprised at the amount of interest in that offer.
A prospectus and investment statement for the new offer is expected to be registered in mid May.
The bonds will be listed on the NZDX.
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