Geneva announces early payment

Geneva Finance’s moratorium repayment of $4.9 million, due on September 30, will be paid on May 8, 22 weeks ahead of schedule, the NZAX-listed vehicle loan provider said.

Friday, May 3rd 2013, 6:00AM 2 Comments

The September 2010, March 2011, September 2011, March 2012 , September 2012 and March 2013 scheduled debenture principal repayments were also all paid early.

Including this payment, Geneva has repaid more than $144 million of investor principal and interest payments since the company entered moratorium in November 2007, owing $132.4 million to investors.

Geneva says it has paid $41.1 million in interest at a weighted average interest rate of 10.5%, and principal repayments to public debenture holders totalling $73.1 million.

It has raised funding through two rounds of equity raising and the sale and lease back of the group’s head office, among other initiatives.

Managing director David O’Connell said the firm was operating in a difficult financial environment and it was pleasing to be ahead of schedule.

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Comments from our readers

On 6 May 2013 at 8:56 pm Don said:

Congrats Geneva on keeping up regular monthly interest payments and the early repayment to debenture holders. A pity other finance companies have not been managed as well.

On 8 May 2013 at 10:00 am Lyn said:

I commend Geneva Finance for the way they have handled things, they have managed to make it less stressful as I was also an investor who lost out to one of the "other" finance companies that was very loud in their advertising of how great they were.

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Geneva announces early payment

Geneva Finance’s moratorium repayment of $4.9 million, due on September 30, will be paid on May 8, 22 weeks ahead of schedule, the NZAX-listed vehicle loan provider said.

Friday, May 3rd 2013, 6:00AM 2 Comments

Comments from our readers

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