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South Canterbury receivers sell Face Finance


More than $100 million in commercial loans taken over by GE Capital.

Matt Nippert
Mon, 23 May 2011

South Canterbury Finance receivers have announced the sale of subsidiary Face Finance to GE Capital. A statement issued by McGrathNicol did not disclose a price, but said the acquisition involved "over $100 million of commercial loan book assets".

At the time of receivership South Canterbury had advanced $196.84 million to Face.

A purchase price was not disclosed, but according to the receivers first report Face had a loan book totalling $205.4 million, with $8.5 million impairments.

Face focuses on providing larger loans for the transport and infrastructure sectors.

In a statement GE Capital said the deal complements its equipment finance business.

GE general manager of equipment finance Mitchel Booth said “The acquisition of these assets will expand our customer base as we continue to provide dedicated financing solutions for the heavy equipment needs of the construction, transport, forestry and aviation industries.”

Deutsche Bank acted as advisors for McGrathNicol for the sale.

The sale is the latest in the break-up of the collapsed South Canterbury empire.

Earlier this month a 80% stake in Scales was sold to Direct Capital for $44 million.

In April a $160 million sales agreement for Helicopters NZ was entered into with the listed Candian Helicopters.

Matt Nippert
Mon, 23 May 2011
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South Canterbury receivers sell Face Finance
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