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Company chief executive Phil James today said the new facility would replace NGC's existing NZ$300 million bank facility due to expire on December 10. It would also provide capacity for potential energy infrastructure asset investments. NGC's funding arrangements also include NZ$200 million of fixed rate bonds issued in December 2003 and due for repayment in March 2009.
The banks involved in the new facility are: ANZ National Bank, Bank of New Zealand, Commonwealth Bank, The Toronto Dominion Bank and Westpac Institutional Bank - all of which have lent finance to NGC previously.
