2degrees gets NZD165m funding for Huawei-built LTE network

18 Jun 2013

New Zealand-based cellco 2degrees has secured a NZD165 million (USD132.9 million) credit facility from the Bank of New Zealand to pay for the construction of its new 4G Long Term Evolution (LTE) network, courtesy of China’s Huawei Technologies. Stewart Sherriff, acting chief executive for 2degrees, commented: ‘Huawei has provided us with a modern, high-quality 2G and 3G network. They’ve always had an eye to the future, and have helped us prepare for a fast transition to 4G, which is key to maintaining our value leadership position … Having been cash-flow positive for almost a year, 2degrees is able to fund its own operations without shareholder funding. Bank finance will accelerate the business’. The LTE network is tentatively scheduled for deployment in 2014.

New Zealand, Huawei Technologies, Two Degrees Mobile (2degrees)