Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Telstra Announces NZ$ Commercial Paper Program

Wednesday, 4 September 2002

Telstra Announces NZ$ Commercial Paper Program

Telstra today announced plans for a NZ$ Commercial Paper (CP) Program to be arranged by ANZ.

A dealer panel is being established and initial members will be:
- ANZ
- Bank of New Zealand
- Westpac Trust.

The program will be unlimited, allowing Telstra to borrow up to a level comfortably supported by the local capital markets.

Telstra’s Chief Financial Officer, Mr David Moffatt, said the CP Program would be an efficient, flexible and reliable source of short-term funding and complement Telstra’s existing A$, US$ and Euro CP Programs.

"We want to support the local market and this is a positive demonstration of our confidence and long-term commitment to New Zealand, including strong support for our joint venture TelstraClear. It makes sense that some of Telstra’s funding requirements be raised in NZ$," he said.

“This facility will also give New Zealand's financial institutions the opportunity to invest in Telstra in their home currency and to indirectly support the funding of competitive telecommunications services which benefits all New Zealanders, ” Mr Moffatt said.

A road show in Wellington and Auckland is planned for late September, or early October, with issuance shortly after.

The proceeds of the NZ$ CP issues will be used for Telstra’s general corporate funding purposes including TelstraClear which is the second largest telco in New Zealand and 58 percent owned by Telstra.

Telstra’s short-term ratings are P1 Moody’s, A1+ Standard and Poor’s and F1+ by Fitch. Telstra's long-term ratings are Aa3 Moody’s, AA- Standard and Poor’s and AA- by Fitch. All ratings are on stable outlook.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news