SCF looks to raise another $100 mill

It is looking to make an offer of up to $75 million of first ranking, three year, fixed rate secured bonds, and have the ability to accept another $25 million in oversubscriptions.

Forsyth Barr has been appointed lead manager of the proposed offer.

It is expected Forsyth Barr will underwrite the offer up to $75 million.

The bonds will be first ranking, secured, three-year term, fixed rate securities with interest paid at the higher of 10.50% and a margin of 2.75% above the three year swap ratefollowing the closing of the offer.

SCF, which has a BBB- Standard and Poor's rating, conducted a successful bond offer last year. That offer closed fully subscribed and it is understood SCF was surprised at the amount of interest in that offer.

A prospectus and investment statement for the new offer is expected to be registered in mid May.

The bonds will be listed on the NZDX.

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