31 Jan 2012

Team Talk enters into new banking arrangement

1:48 pm on 31 January 2012

Team Talk Ltd has passed a special resolution enabling it to enter into a new banking arrangement with Westpac Bank.

The mobile radio company met shareholders at a special general meeting in Wellington on Monday to discuss the issue.

For historic reasons, Team Talk and its subsidiaries have had separate borrowing facilities with Westpac, but those facilities mature in December 2012.

The company has now negotiated a $25 million facility with Westpac, consisting of a $10 million cash advance and a $15 million term loan.

Managing director David Ware says it will free funds for the company to pursue further telecommunication ventures.