Telecom has started marketing a $1 billion loan, according to a person familiar with the matter.
The Auckland-based company is seeking bids from banks on tranche breakdown, margin and fees for the facility for its soon-to-be separated network unit called Chorus, the person said, asking not to be identified as details are private.
Responses are due late this month.
ANZ, Citigroup and Westpac Banking were hired to help arrange the loan, according to an August 30 prospectus documenting the split.
The loan is expected to be completed by the demerger date of November 30, according to the prospectus.
