Telecom trims and extends banking facility

Telecom trims and extends banking facility
April 15 (BusinessDesk) - Telecom Corp, the country’s biggest telecommunications company, has trimmed the size of a banking facility, while pushing out its maturity date until 2017. The Auckland-based company reduced the $400 million committed standby revolving credit facility with Australasian and global banks to $300 million, while extending the maturity date one year to April 14, 2017, it said in a statement. Telecom had total debt of $1.22 billion as at Dec. 31, with bank funding of $440 million. “The agreement of this facility helps en...