19 Jun 2013

$165m expansion loan for 2Degrees

7:20 am on 19 June 2013

The Bank of New Zealand is lending 2Degrees $165 million to fund its expansion.

The mobile telephone company says it has been cashflow positive for almost a year and the money will help fund the deployment of its 4G network early next year.

Chairman and acting chief executive Stewart Sherriff said the loan is a very significant milestone.

2Degrees began operating in New Zealand in 2005 and now has more than 1 million customers, 760 employees and more than 40 retail stores throughout New Zealand.