Wellington, Oct 29 NZPA - South Canterbury Finance (SCF) has repaid $US50 million ($NZ68.4m) of a $US100m private placement it was required to repay after a credit downgrade.

The funds for the repayment came from a $75m funding line provided by Torchlight Credit Fund which arranged funding from a syndicate of professional investors from this country and Australia, SCF said today.

Torchlight is managed by Perpetual Asset Management, whose chairman is George Kerr, a key shareholder in Pyne Gould Corporation.

SCF had been talking to investors in the $US100m private placement after a credit rating downgrade triggered a right for them to require repayment three months following the downgrade.

A fortnight ago SCF announced it would repay the facility over 5.5 months.

Today, SCF said the remaining $US50m would be repaid progressively during the next five months.

SCF chairman Allan Hubbard said the company continued to make progress with its restructuring plans and would make further announcements when it was able to.

Completion of the restructuring would enable SCF to pursue good opportunities it saw in the market after the difficulties of the last few months, Mr Hubbard said.

SCF was also receiving a good response from investors to a prospectus registered last week, he said.