South Canterbury Finance repays USPP early

South Canterbury Finance makes early full repayment of USPP facility


South Canterbury Finance Limited 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 $US17.7 million ($NZ24.3 million) being made today comprises the February payment of $US7.5 million, the final payment of $US10 million due on 31 March 2010, and accrued interest.

South Canterbury Finance Chief Executive Officer 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 is continuing to enjoy the net inflow of funds that gathered momentum in January and has extended through February.

Southbury Group Limited is also making an early payment of the last installment of the refinancing fee agreed last year with the USPP noteholders.

South Canterbury Finance Limited intends to publish early next week its preliminary financial statements for the six months to 31 December 2009 and provide a report on the Company’s progress regarding strengthening of its capital structure.

ENDS

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