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South Canterbury goes to the market again

South Canterbury Finance is looking to do another secured bond offer this time aiming to raise up to $100 million.

Wednesday, November 26th 2008, 10:27PM
The Timaru-based company completed two such offers successfully last year. It said that it is considering making an offer of up to $75 million of first ranking, fixed rate, secured bonds and will accept a further $25 million in oversubscriptions.

Like other offers in the market this is a short-term one with a maturity in October 2010 – when the government’s retail deposit guarantee scheme is scheduled to end.

SCF has kept the right to extend the term by up to 12 months in the event the scheme is extended for at least a corresponding period and the extended Deposit Guarantee Scheme continues to apply to the secured bonds.

The bonds will have an 8.00% interest rate. The offer that is expected to be registered on December 2.

The bonds are likely to be listed on the NZDX.

« Who has got a guarantee?Money @ Work: PGG Wrightson Finance secured bonds »

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