Business Services Industry
New funding terms for Southern Cross.
Australasian Business Intelligence, May, 2003
May 01, 2003 (The Australian Financial Review - ABIX via COMTEX)
The Australasian principal owners of the Southern Cross cable have renegotiated bank funding of $US950m ($A1.5bn). Singtel Optus, which owns 40 per cent of the trans-Pacific cable, and Telecom Corporation of New Zealand (TCNZ), with 50 per cent, have been negotiating with 25 banks, led by Barclays and ANZ Bank. Under the revised deal, the repayment date for part of Southern Cross's debt has been wound out to April 2008. Both telcos expect the loan to be paid off by then. UBS Warburg telco analyst, Tim Smeallie, says the new debt could result in a credit ratings agency downgrade for TCNZ.
Publication Date: 2 May 2003
SOUTHERN CROSS CABLE NETWORK:
SINGTEL OPTUS PTY LTD:...
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