Wellington, Nov 26 NZPA - South Canterbury Finance Ltd is considering selling up to $100 million of secured bonds maturing on October 8, 2010.

The bonds pay 8 percent per annum. Forsyth Barr is lead manager. The sale size is $75m with an ability to sell another $25m in oversubscriptions.

South Canterbury Finance has a guarantee under the retail deposit guarantee scheme.

The maturity of the bonds can be extended for 12 months if the deposit guarantee scheme is extended.

The terms of the offer will be set out in the prospectus and investment statement due around December 2.

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