Note: See the clarification that follows this article from 3 September 2012Investors in an unrated bond being marketed by small business equipment financier Silver Chef will diversify the firm's funding away from long-term banker, Commonwealth Bank.There is no prospectus and no credit rating on the bond, for which FIIG Securities Limited is the manager. Nor will the bond be listed on the ASX.FIIG Securities recently established a fixed-income origination team and the Silver Chef senior secured bond is the first to be promoted by the company.Silver Chef is seeking to raise A$20 million to $30 million, which will be used to pay down bank debt. The company recently increased its funding from the CBA to $110 million, from $70 million.The increase in funding from CBA was used to purchase additional rental assets. Any reduction in bank funding from the proceeds of the bond issue will be permanent. The Silver Chef bond will have a six-year term to maturity and will pay an 8.5 per cent semi-annual coupon. At this level, the coupon equates to 485 basis points over the current interpolated six-year swap rate.This puts the yield in line with that offered in recent hybrid note issues by much larger companies. But, unlike the hybrid issues, these bonds will be senior ranking with no option to defer coupon payments indefinitely.-- Commonwealth Bank, meanwhile, is likely to offer a spread of around 370 basis points over the bank bill swap rate for its planned sale of hybrid securities, The Australian reported. CBA is likely to formally launch the securities today.Clarification: Silver Chef bonds - 4 September 2012Silver 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.