South Canterbury agrees to repay US investors
The five US noteholders became entitled to seek immediate repayment of the US$100 million once South Canterbury breached various financial covenants.
SCF says, in a statement to the stock exchange, that it has "reached agreement in principle" on repayment terms with the noteholders.
The agreement provides for the principal to be repaid over the next five and a half months.
The company says is trustee and ratings agency Standard and Poor's, have been briefed on the arrangement and the deal is being finalised. It also says unwinding currency swap hedges on the facility will release cash for South Canterbury Finance.
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