TEXT-F&P Appliances unit secures new funding lines

(The following statement was released by the company)

WELLINGTON, Oct 2 - Fisher & Paykel Appliances Holdings Limited today announced that its subsidiary company, Fisher & Paykel Finance Ltd, has secured new funding facilities from a syndicate of banks led by ANZ. The syndication comprises a multi tranche cash advance facility through three lenders and replaces the bilateral banking facilities previously provided by those banks.

The total facility of NZ$335 million comprises multiple tranches of one, two and three year terms of $125 million, $105 million and $105 million respectively.

"This is a real vote of confidence from the banking sector", said John Bongard, CEO and Managing Director, "confirming their ongoing liquidity support and continuing confidence in the Finance business." Mr Bongard also said, "The Company continues to receive strong support from its retail investor base, with reinvestment rates averaging 65% over the last three months and 70% in September."

"ANZ is pleased to be able to assist Fisher & Paykel Finance to establish this significant financing arrangement. We regard Fisher & Paykel Finance as a well-managed company with strong leadership and sound governance", says ANZ's Nigel Williams, Managing Director Institutional Corporate & Commercial.

The Syndicated Facility provides Fisher & Paykel Finance with significantly longer term liquidity than was provided by the previous bilateral facilities.

Mr Bongard continues, "As at 30 September the Company had in excess of $125 million of undrawn committed bank facilities providing strong liquidity to continue to support existing customer relationships and develop new business opportunities."