Clarification: Silver Chef bonds

Silver Chef has pointed out that yesterday's article on the planned sale of A$20 million to $30 million in bonds misconstrued the firm's position regarding Commonwealth Bank's willingness to finance the firm.

"Silver Chef Limited has for some time being communicating to the market that it intended to diversify its source of debt funding," Charles Gregory, the chief executive, wrote in a statement emailed through a public relations company.

Gregory wrote that "CBA has previously expressed their intention to work with Silver Chef and indeed grow with our business. We only recently increased the facility from $70 to $110 million.

"The $110 million facility is only drawn down to $65 million and as such we thought it most efficient to reduce the facility limit to $80 million to save the line fee incurred. This was at Silver Chef's request.

"When the facility with the CBA is renewed the intention is to extend the term and increase it over $80 million."

FIIG Securities Limited is marketing the bonds for Silver Chef.