Wellington, Oct 20 NZPA - South Canterbury Finance (SCF) has registered a new prospectus and is reiterating that it intends to apply to participate in the extended crown deposit guarantee scheme.

The prospectus is for secured debentures and unsecured deposits. Debenture rates vary from 4.5 percent for three months to 8.5 percent for 60 months with a special of 8 percent for 24 months.

SCF has been operating since 1926 and was accepted under the New Zealand Deposit Guarantee Scheme on November 19, 2008.

Chairman Allan Hubbard said the company intended applying to participate in the extended deposit guarantee scheme announced by the Government on August 22.

It needed to meet certain eligibility criteria and be accepted for participation in the extended scheme by the Secretary to the Treasury.

"We have had to attend to a number of matters in recent weeks which caused delays in the registration of the prospectus. We very much appreciate the patience of our loyal investors and customers and look forward to their continued support," Mr Hubbard said. SCF said last week said it will repay its $US100 ($NZ135) million private placement facility over 5.5 months. The finance company has been talking to investors in the facility after a credit rating downgrade triggered a right for them to require repayment three months following the downgrade.

Unwinding currency swap hedges on the facility will release cash for SCF. SCF's owner, Southbury Group, has appointed Forsyth Barr and Harmos Horton Lusk as advisers to assist in the restructuring and recapitalisation of the group. This process is ongoing.