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
South Canterbury Finance chief financial officer Graeme Brown said the money raised will assist the company to "finance its lending activities, further diversify its funding sources and provide further liquidity as we consolidate our position as one of the leading finance companies in New Zealand.”

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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