29 Oct 2009

South Canterbury Finance repays $US50 million

2:11 pm on 29 October 2009

South Canterbury Finance has repaid $US50 million of notes held by US investors, using a new $75 million funding line arranged with Torchlight Credit Fund.

The company says the remaining $US50 million will be paid progressively over the next five months.

South Canterbury Finance says it has fully drawn down the $75 million available from Torchlight, which is run by Pyne Gould shareholder and director, George Kerr.

Torchlight arranged funding from a syndicate of professional investors from Australia and New Zealand.

Last week, South Canterbury Finance registered a prospectus to raise money from investors,

Analysts also expect the company to seek to raise more capital to shore up its balance sheet.