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Spark sets up $125m facility with Westpac

NZ Newswire logoNZ Newswire 29/11/2016 Sophie Boot

Spark New Zealand has established a $125 million committed revolving loan with Westpac to refinance its debt, it said in a statement to the NZX.

The facility will mature on Nov. 30, 2020, and will be used to refinance existing debt and "general corporate purposes," the company said.

In August, the country's biggest telecommunications company reported annual sales of $1.5 billion and net profit of $370m in the year to June 30.

Spark boosted operating cash flow 14 per cent to $716m in the year and narrowed the net cash outflow by 78 per cent to $28m.

Spark expected to spend about $d400m on capital spending in 2017 and to pay 22 cents in ordinary dividends and 3 cents in special dividends in the year.

The shares last traded at $3.50, down 0.3 per cent on Wednesday, and have gained 7.3 per cent this year.

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