Telecom New Zealand has signed a new NZD800 million (USD621 million) standby credit facility with its bankers to replace an existing NZD500 million facility. The company’s chief financial officer, Russ Houlden, commented: ‘The fact that, in the middle of a credit crisis, we can sign a facility which is bigger than before and on favourable terms shows the confidence the banking community has in Telecom’s financial strength.’

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