Spark NZ establishes $125m facility with Westpac
The facility will be used to refinance existing debt and "general corporate purposes.
Hot Topic
DEALMAKERS
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 November 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 cashflow 14% to $716 million in the year and narrowed the net cash outflow by 78% to $28 million.
Spark expected to spend about $400 million on capital spending in 2017 and to pay 22c cents in ordinary dividends and 3c in special dividends in the year.
The shares last traded at $3.50, down 0.3% today, and have gained 7.3% this year.
(BusinessDesk)
Sophie Boot
Wed, 30 Nov 2016
Wed, 30 Nov 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Spark NZ establishes $125m facility with Westpac
63505