SCF opens bond offer
South Canterbury Finance has opened its $100 million of fixed rate, secured bonds, which is offering a return of 8% with quarterly interest payments.
Wednesday, December 3rd 2008, 6:59PM
SCF raised $125 million through a secured bond offer in May. It has around $180 million of cash on deposit, and an additional $150 million of undrawn banking facilities.
SCF has a guarantee under the retail deposit guarantee scheme. While it is due to mature on October 8, 2010, however it can be extended by up to 12 months if the guarantee scheme is extended
The offer is made up to $75 million of Secured Bonds plus oversubscriptions of up to an additional $25 million.
The offer is due to close on January 30. The Secured Bonds are first ranking securities.
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