South Canterbury Finance offer closes fully subscribed

The offer, originally launched to raise $75m, included $25m of oversubscriptions.

"The offer will assist South Canterbury Finance to further diversify and extend the duration of its funding base and will provide the opportunity for the company to capitalise on some very favourable lending opportunities in the market at present," said chief financial officer Graeme Brown.

The interest rate for the five-year, fixed-rate secured bonds was set on Monday at 10.43%, a margin of 2.25% over the five year swap rate.

The bonds were rated BBB- by Standard & Poor's, in line with South Canterbury Finance's rating of BBB-/Stable.

The bonds will begin traded on the NZX debt market on Wednesday.