Smiths City reaps 4 percentage points of savings switching to ANZ from F and P Finance

Wed, 17 Apr 2013

April 17 (BusinessDesk) - Smiths City Group, the Christchurch-based retailer, has reaped some 400 basis points of savings on its credit facilities by switching to Australia & New Zealand Banking Group from Fisher & Paykel Finance, ending a 30-year relationship. Smiths City has signed up to a $75 million senior revolving secured facility with ANZ for its wholly owned customer credit subsidiary Smithcorp Finance, it said in a statement. Based on current interest rates, the ANZ facility will cost about 6 percent, while the F&P Finance arrangem...

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