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

 


Telecom trims and extends banking facility

Telecom trims and extends banking facility

April 15 (BusinessDesk) - Telecom Corp, the country’s biggest telecommunications company, has trimmed the size of a banking facility, while pushing out its maturity date until 2017.

The Auckland-based company reduced the $400 million committed standby revolving credit facility with Australasian and global banks to $300 million, while extending the maturity date one year to April 14, 2017, it said in a statement. Telecom had total debt of $1.22 billion as at Dec. 31, with bank funding of $440 million.

“The agreement of this facility helps ensure Telecom has sufficient liquidity to meet its business needs over the next three years,” chief financial officer Jolie Hodson said. “Telecom remains committed to an A band credit rating.”

In December, Telecom said it would use the A$450 million from the sale of its AAPT unit to repay debt in the first instance. The company borrowed $390 million of long-term debt and $565 million in short-term debt in the six months ended Dec. 31, while repaying $253 million and $466 million respectively. It had a net cash inflow from its financing activities of $116 million in the period, which also includes dividend payments.

The shares rose 0.8 percent to $2.66, and have gained 15 percent this year, outpacing the 4.3 percent increase on the NZX All Index, a capital measure of domestic equities, over the same period.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news