CLEAR Communications Retires Debt
CLEAR Communications has paid off all outstanding bank debt following a NZ$170 million injection of additional equity from shareholder BT which recently increased its investment in CLEAR to 100%.
Chief Executive Tim Cullinane said that the move had considerably strengthened CLEAR's balance sheet, as the company moved to finalise its capital programme for the next two years.
CLEAR is now debt free and therefore in a strong financial position as the company turns around the operating performance of its traditional tolls business and embarks on an aggressive plan to become New Zealand's number one online service provider to the commercial sector.
Mr Cullinane said that CLEAR's financial result for the year ended 31 March 1999 would reflect the company's rebuilding phase, although growth prospects were strong in the medium term.
He said that while CLEAR would remain in its tolls and residential businesses, its focus would increasingly be on business customers as an online service provider.