Telecom NZ increases credit limit

12 May 2008

Telecom New Zealand has signed a new NZD800 million (USD621 million) standby credit facility with its bankers to replace an existing NZD500 million facility. The company’s chief financial officer, Russ Houlden, commented: ‘The fact that, in the middle of a credit crisis, we can sign a facility which is bigger than before and on favourable terms shows the confidence the banking community has in Telecom’s financial strength.’

New Zealand, Spark New Zealand Group