TTK
30/06/2015 16:40
GENERAL
PRICE SENSITIVE
REL: 1640 HRS TeamTalk Limited
GENERAL: TTK: TeamTalk completes refinancing and updates market
Media release
For immediate release
30 June 2015
TeamTalk completes refinancing and updates market
NZX-listed telco TeamTalk Limited is pleased to announce that it has
successfully completed its bank refinancing with Westpac.
The existing facility has been extended until 31 December 2018 on broadly the
same terms and conditions, although we elected to reduce the total facility
size to $40 million. Reflecting lower current debt levels this facility
still provides sufficient headroom and flexibility to pursue targeted
investment in infrastructure expansion.
With the period all but over, we are able to reiterate our expectations that
EBITDA for the second half of the year will be a bit ahead of the $6 million
earned in the first half of the year. Shareholders should note however, that
bottom line reported NSAT will, as a result of wholesale interest rates
falling significantly over the period, be negatively impacted by a non-cash
charge relating to the market revaluation of our fixed interest rate swap
portfolio.
Full year results will be released to NZX on August 26.
TeamTalk also announces that effective today, it is amalgamating with its
wholly-owned subsidiary company Araneo Limited.
This amalgamation, which will see all of Araneo's business operations
absorbed into that of the parent company, is aimed at simplifying the group's
structure and improving operational effectiveness.
"It's great to get the refinancing and the amalgamation with Araneo
completed. We continue to make solid progress aligning our group operations
to meet the needs of modern customer demands," says TeamTalk Managing
Director David Ware.
-----------ENDS----------
Contact: TeamTalk Managing Director David Ware - 0800 101-900
End CA:00266417 For:TTK Type:GENERAL Time:2015-06-30 16:40:35
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
