South Canterbury Finance bond issue increased

Finance company South Canterbury Finance has increased its five-year bond issue to $125 million.

The offer, launched a week ago, has been lifted by $25 million to meet demand. It now comprises up to $100 million secured bonds, with provision for an extra $25 million in oversubscriptions.

The bonds have been rated BBB- by Standard & Poor's and will pay interest of either 10.25 per cent per annum or a margin of 2.25 per cent above the five-year swap rate on December 17, whichever is higher. The offer closes December 14.