Vector to repay $540M of bank debt on sale of gas business, expects bigger drop in operating earnings

Sun, 29 Nov 2015

By Jonathan Underhill Nov. 30 (BusinessDesk) - Vector, the electricity and gas network operator, will immediately repay $540 million of bank debt on completion of the sale of its gas transmission and distribution assets outside Auckland, although the savings in interest costs won't make up for the reduction in operating earnings. The Auckland-based network company gave more details of the proposed transaction in a notice for a special meeting of shareholders whose approval is required because the value of assets involved amounts to more t...

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