Spark plans $100 million share buyback to gear up balance sheet

Mon, 01 Jun 2015

By Paul McBeth June 2 (BusinessDesk) - Spark New Zealand, formerly Telecom Corp, plans to buy back as many as 40 million shares on market for up to $100 million this year after a series of asset sales left its balance sheet under-leveraged. The buyback aims to return Spark's gearing to a more appropriate level after the sale of Telecom Rentals and its share of Telecom Cook Islands, the Auckland-based company said in a statement. The telecommunications service retailer seeks to maintain an 'A band' credit rating with Standard & Poor's, and...

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