Geneva Finance makes payments early

NZAX-listed Geneva Finance, which entered into a moratorium in November 2007 owing investors $132.4 million, said it is making payments to both debenture holders and its lender early.

The company is now in the position to pay March 31, 2011 debenture holders principal of $2.5 million and bring forward a scheduled $2.5 million reduction in its facility with BOS International (Australia) Ltd to tomorrow rather than on March 31.

Inclusive of this payment, Geneva Finance has repaid $111.3 million of investor principal and interest payments since it entered the moratorium.

The company borrows money by the issue of debenture stock and subordinated notes. It also has a revolving banking facility with BOS International.

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