Telecom New Zealand repurchases NZ$150 million in convertible notes

By Sheri Kasprzak

Atlanta, Nov. 15 - Telecom New Zealand Ltd. said Monday it plans to repurchase NZ$150 million in convertible notes it issued to Microsoft Corp. in 2001.

The repurchase is part of NZ$300 million in seven-year notes issued to Microsoft in May 2001. The notes are convertible into common shares.

"The transaction is another step in our overall liability management plan and should allow Telecom to extend the average life of its debt liabilities some time in the 2005 calendar year," said Telecom chief financial officer Marko Bogoievski, in a news release.

Telecom New Zealand, based in Christchurch, N.Z., is a telecommunications company. On Monday, the company's stock closed down US$0.05 at US$33.55.

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