New Zealand telco Spark has downsized its standby revolver by NZ$100m to NZ$200m (US$149m) following a series of disposals to focus on its core businesses.
The group also extended the facility by one year to 13 April 2018.
CFO Jolie Hodson said: “The…
New Zealand telco Spark has downsized its standby revolver by NZ$100m to NZ$200m (US$149m) following a series of disposals to focus on its core businesses.
The group also extended the facility by one year to 13 April 2018.
CFO Jolie Hodson said: “The reduction in the standby to NZ$200m reflects Spark New Zealand’s reduced funding requirements.”
It comes shortly after the group sold off its international voice business for NZ$22m (US$16.4m) earlier this month. In March, Spark sold its leasing business for NZ$106m (US$80.1m), and a month before that it raised NZ$23m (US$17m) from selling its 60% stake in Telecom Cook Islands.
The operator, formerly Telecom New Zealand, has been repositioning itself around its domestic digital services: Spark Home, Mobile & Business (formerly Telecom Retail), Spark Digital (formerly Gen-i), Spark Ventures (formerly Digital Ventures), and Spark Network (formerly Telecom Connect).
