South Canterbury Finance bondholders repaid today

South Canterbury Finance (SCF) bondholders will be repaid today, Trustees Executors said.

An announcement on repayment for both debenture and deposit holders is expected next week.

Bondholders represent about $350 million of the $1.6 billion owned to SCF secured investors.

Receivers were appointed to SCF on August 31. The Government decided to make full settlement under the terms of the retail deposit guarantee scheme on August 31 and the trustee has been holding the money on behalf of 35,000 investors since then.

The payment to bondholders includes full entitlement to principal and interest up to August 30 and 3 per cent interest from August 31 to the payment date of September 23.

- NZPA