Torchlight Credit Fund, part of Pyne Gould’s Perpetual Asset Management unit, has come to the aid of South Canterbury Finance by pulling together a group of investors to provide a $75 million funding line.
The funds have been drawn down to repay US$50 million of South Canterbury’s US$100 million private placement facility, whose investors had the right to demand repayment when the finance company lost its investment grade credit rating. The remaining US$50 million is to be repaid over five months.
The transaction fits with part of Perpetual’s strategy of taking on investments deemed too risky for traditional lenders but which offer the prospect of high returns for sophisticated investors …
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