Sharechat Logo

South Canterbury makes early exit from noteholders

www.depositrates.co.nz

Friday 26th February 2010

Text too small?

South Canterbury Finance is completing ahead of schedule repayment in full to noteholders under the modified terms of the United States Private Placement facility.

The final payment of US$17.7 million ($24.3 million) being made today comprises the February payment of US$7.5 million, the final payment of US$10 million due on 31 March 2010, and accrued interest.

South Canterbury chief executive Sandy Maier says the company's favourable liquidity position allowed an early exit from the disadvantageous terms imposed by noteholders in October 2009.

The company has a net inflow of funds that gathered momentum in January and has extended through February.

Southbury Group is also making an early payment of the last installment of the refinancing fee agreed last year with the USPP noteholders.

South Canterbury Finance intends to publish early next week its preliminary financial statements for the six months to December 31 and provide a report on the company's progress regarding strengthening of its capital structure.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report