Wellington, Oct 2 NZPA - Fisher & Paykel Appliances Holdings Ltd has secured funding for the finance company subsidiary it failed to sell.

The company said Fisher & Paykel Finance Ltd has secured new funding facilities from a syndicate of banks led by ANZ. The facility of $335 million comprises tranches of one, two and three year terms of $125m, $105m and $105m respectively.

The company operates in sector in which many operators are being liquidated or have frozen funds. This deal is seen as a signal that companies with strong brands can attract funding in the midst of a global credit crunch.

Fisher & Paykel Finance Ltd has a reinvestment rate averaging 65 percent over the last three months and 70 percent in September.

"ANZ is pleased to be able to assist Fisher & Paykel Finance to establish this significant financing arrangement," said Nigel Williams, managing director institutional corporate and commercial for ANZ.

"We regard Fisher & Paykel Finance as a well managed company with strong leadership and sound governance," he said.

As at September 30 the company had in excess of $125m of undrawn committed bank facilities.

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