Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Intention to offer up to $75 million Secured Bonds

South Canterbury Finance announces intention to offer up to $75 million Secured Bonds

The Board of South Canterbury Finance Limited ("South Canterbury Finance") announced today that it is considering making an offer of up to $75 million of first ranking, five year, fixed rate secured bonds ("Secured Bonds") with up to $25 million of Secured Bonds available by way of oversubscriptions (the "Offer"). Forsyth Barr Limited has been appointed Lead Manager and Organising Participant to the proposed Offer.

The Offer will comprise an offer of up to $75 million of Secured Bonds by way of firm allocation to clients of NZX Primary Market Participants and other approved financial intermediaries, and a public pool. South Canterbury Finance and Forsyth Barr Limited reserve the right to allocate all of the Secured Bonds (including any oversubscriptions) by way of firm allocation.

The Offer is expected to be underwritten up to $75 million of Secured Bonds by Forsyth Barr Group Limited.

The Secured Bonds will be first ranking, secured, five year term, fixed rate securities. Interest will be payable on the Secured Bonds at the higher of 10.25% per annum and a margin of 225 above the five year swap rate as at the closing of the Offer. Full details of the Secured Bonds and the terms of the Offer will be set out in the Prospectus and Investment Statement in respect of the Offer that is expected to be registered in mid November 2007.

No money is currently being sought and no applications for the Secured Bonds will be accepted or money received unless the subscriber has received an Investment Statement for the Offer.

Application has been made to New Zealand Exchange Limited (NZX) for permission to list the Secured Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>