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South Canterbury makes early exit from noteholders

Friday 26th February 2010

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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.

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