UDC debenture programme all paid out
Saturday, December 21st 2019, 10:49AM
ANZ-owned finance company has completed the closure of its debenture programme.
The bank says election packs were sent to around 4,500 debenture holders with $470 million invested in the programme. Investors were given the choice to convert to an equivalent ANZ product or have their funds repaid in full.
It wouldn't disclose how much went into ANZ products and how much was repaid.
The closure is the result of a review of its funding structure of UDC. The finance company is now fully funded with a funding line from ANZ.
"This funding line is in place to ensure UDC can continue growing its lending book." the bank says..
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