South Canterbury Finance offer closes fully subscribed
South Canterbury Finance has raised $125 million in a bond offer which closed fully subscribed.
Tuesday, December 18th 2007, 9:41PM
"The offer will assist South Canterbury Finance to further diversify and extend the duration of its funding base and will provide the opportunity for the company to capitalise on some very favourable lending opportunities in the market at present," said chief financial officer Graeme Brown.
The interest rate for the five-year, fixed-rate secured bonds was set on Monday at 10.43%, a margin of 2.25% over the five year swap rate.
The bonds were rated BBB- by Standard & Poor's, in line with South Canterbury Finance's rating of BBB-/Stable.
The bonds will begin traded on the NZX debt market on Wednesday.
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