Watercare takes on $3.4b debt, separates from Auckland Council

Watercare takes on $3.4b debt, separates from Auckland Council
Watercare looks after Auckland's water supplies. (Image: File)
Staff reporters
Watercare can lay claim to raising the most debt of any New Zealand corporate as it separates financially from Auckland Council.Auckland’s water and wastewater service provider said it had successfully secured $3.4 billion of committed bank debt facilities.Watercare’s financial separation from the council is a key component of the Government’s Local Water Done Well legislation that was announced in May 2024.Chief executive Jamie Sinclair said completion of the debt capital raise marked the start of a new era for Watercare and...