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

 

Chorus gets new $250M facility to push out debt maturity

Chorus gets new $250M bank facility to push out debt maturity

By Paul McBeth

Aug 2 (BusinessDesk) - Chorus, the telecommunications network operator, has signed up to a new $250 million banking facility that will use to push out its debt maturity.

The new facility with its existing lending syndicate Bank of Tokyo Mitsubishi, Commonwealth Bank of Australia, HSBC, and Westpac Banking Group will mature in 2019, and “will be used to pay down drawings under its existing bank facility,” the Wellington-based company said in a statement. Its existing syndicated banking facility is made up of two $675 million tranches, with one set to mature in November 2015 and the other in November 2017.

“We appreciate the support of the small group of banking partners who put the facility in place despite the ongoing uncertainty we are experiencing in the current regulatory environment,” chief financial officer Andrew Carroll said. “As well as enabling us to extend our debt maturity profile, the new facility will provide additional financial flexibility as Chorus continues to invest heavily in New Zealand’s fibre future through the UFB rollout.”

Chorus has been beset with regulatory uncertainty since the Commerce Commission last year outlined plans to regulate pricing of unbundled bitstream access services over the ageing copper lines took it by surprise.

The shares rose 2.6 percent to $2.77 today, and have lost 8.2 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>