Forum Archive Index - April 2001

[daniel <daniel.st@xtra.co.nz>]

                    Telecom N.Z. Plans Part Sale of Internet Assets, AFR

                    Says
                    By Tracy Withers

                    Sydney, April 23 (Bloomberg) -- Telecom Corp. of New
Zealand is planning to sell
                    part of its Internet and directories business
through an initial public offering of
                    shares, the Australian Financial Review said,
without citing sources.

                    New Zealand's No. 1 phone company will use the
proceeds of the partial sale to
                    ease pressure on its balance sheet, which had
NZ$2.24 billion ($924 million) of
                    debt at June 30, the newspaper said.

                    Telecom won't discuss anything it might be doing
with its asset portfolio in terms
                    of acquisitions or sales, said spokesman Martin
Freeth, according to the
                    newspaper.

                    The company is being advised on the transaction by
Credit Suisse First Boston,
                    the newspaper said. Recently Telecom was advised by
Macquarie Bank when it
                    unsuccessfully bid for Cable & Wireless Optus Ltd.,
Australia's No. 2 phone
                    company.

                    In November, Telecom's Internet businesses in New
Zealand and Australia, where
                    it owns AAPT Ltd., were grouped with its directories
business under a single
                    manager.

                    (The Australian Financial Review, 4-23)




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Top Financial News Mon, 23 Apr 2001, 7:07am EST Telecom N.Z. Plans Part Sale of Internet Assets, AFR Says By Tracy Withers Sydney, April 23 (Bloomberg) -- Telecom Corp. of New Zealand is planning to sell part of its Internet and directories business through an initial public offering of shares, the Australian Financial Review said, without citing sources. New Zealand's No. 1 phone company will use the proceeds of the partial sale to ease pressure on its balance sheet, which had NZ$2.24 billion ($924 million) of debt at June 30, the newspaper said. Telecom won't discuss anything it might be doing with its asset portfolio in terms of acquisitions or sales, said spokesman Martin Freeth, according to the newspaper. The company is being advised on the transaction by Credit Suisse First Boston, the newspaper said. Recently Telecom was advised by Macquarie Bank when it unsuccessfully bid for Cable & Wireless Optus Ltd., Australia's No. 2 phone company. In November, Telecom's Internet businesses in New Zealand and Australia, where it owns AAPT Ltd., were grouped with its directories business under a single manager. (The Australian Financial Review, 4-23)

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