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.