New Zealand telecoms infrastructure company Chorus has extended the maturity of its NZ$1.35bn (US$1.14bn) syndicated bank facility by a year.
Split into two equal tranches of NZ$675m, the facility originally had tenures of three and five years. The…
New Zealand telecoms infrastructure company Chorus has extended the maturity of its NZ$1.35bn (US$1.14bn) syndicated bank facility by a year.
Split into two equal tranches of NZ$675m, the facility originally had tenures of three and five years. The tranches are now due to mature in November 2015 and November 2017.
In a statement, Chorus CFO Andrew Carroll said: “Our banking syndicate was supportive of the extension and we saw it as a prudent step to provide longer dated funding to support our building of the new fibre network.”
Chorus, which was carved out incumbent Telecom New Zealand, signed the NZ$1.35bn facility in November 2011 to build a fibre network. Citibank was hired as debt adviser, with ANZ and Westpac joining as lead arrangers and bookrunners.
In May of that year, Telecom NZ said that it would carry out structural separation, after officially winning the bid to build the country’s US$2.8bn ultra-fast broadband project (UFB).
