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Spark NZ establishes $125mn facility with Westpac
Wednesday 30 November 2016 10:46 AM
Spark NZ establishes $125mn facility with Westpac
By Sophie Boot
Nov. 30 (BusinessDesk) - Spark New Zealand has established a $125 million committed revolving loan with Westpac to refinance its debt, it said in a statement to the NZX.
The facility will mature on Nov. 30, 2020, and will be used to refinance existing debt and "general corporate purposes," the company said.
In August, the country's biggest telecommunications company reported annual sales of $1.5 billion and net profit of $370 million in the year to June 30. Spark boosted operating cash flow 14 percent to $716 million in the year and narrowed the net cash outflow by 78 percent to $28 million.
Spark expected to spend about $400 million on capital spending in 2017 and to pay 22 cents in ordinary dividends and 3 cents in special dividends in the year.
The shares last traded at $3.50, down 0.3 percent today, and have gained 7.3 percent this year.
(BusinessDesk)
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