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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
It is looking to make an offer of up to $75 million of first ranking, three year, fixed rate secured bonds, and have the ability to accept another $25 million in oversubscriptions.

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.

To get a copy of the Investment Statement when it comes out send your details (name, addrees, phone) here
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