Telecom extends and reduces standby facility
Telecom has today announced that it has trimmed the size of its banking facility, reducing its NZ$400 million committed standby revolving credit facility (“Standby”) to NZ$300 million.
Announced via the New Zealand stock exchange today, the telco giant also says the Standby has been extended a further year, to mature on 14 April 2017.
The facility is provided through participation from Australasian and global banks.
“The agreement of this facility helps to ensure Telecom has sufficient liquidity to meet its business needs over the next three years,” says Jolie Hodson, CFO, Telecom.
“Telecom remains committed to an A band credit rating.”