NZME Limited (NZX: NZM) has extended its current debt facilities with Commonwealth Bank of Australia and Westpac New Zealand Limited, to 1 July 2023. The new term ensures that the company will have funding for the next three years. The existing term was expiring on 1 January 2022.
However, considering the impact of the ongoing pandemic, facilities extended the term to provide headroom over the term of the facility.
In 2019 NZME's net debt reduced by NZD 23.6m to NZD 74.7m and as part of company's capital management plan, the board is focused on debt reduction.