South Canterbury pays off Americans early

Timaru-based South Canterbury Finance has announced it has paid off its United States Private Placement facility a month early. This gets it out from some unfavourable terms, imposed after it breached its bond conditions. It is also making an early payment of the last installment of the refinancing fee agreed last year with the USPP note-holders. The company says "it is continuing to enjoy the net inflow of funds that gathered momentum in January and has extended through February". A good current liquidity position has enabled it to settle up with its disgruntled US bond-holders, it said. Here are the key figures from the statement they issued today:

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.