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Wednesday, 02 December 2020 19:39

NBN Co takes on another $1.2b of debt over five years Featured

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NBN Co takes on another $1.2b of debt over five years Image by 1820796 from Pixabay

The NBN Co, the body rolling out Australia's national broadband network, has taken on another $1.2 billion of debt at 1% over five years.

The company said in a statement on Tuesday that the transaction was due to be settled on Thursday (3 December) and would mature on 3 December 2025.

In May, the NBN Co borrowed $6.1 billion in debt finance from external markets.

The Federal Government, which has funded the building of the network, flagged some time ago that it expected the firm to pursue debt financing through external markets, including in order to start the process of re-financing its loan.

The broadband network was initially projected to cost $29 billion when Malcolm Turnbull was communications minister in a government led by Tony Abbott that took power in 2013.

That has now blown out to $57 billion, with the government doing a backflip on its plan and reverting to the Labor plan of full fibre for most premises.

In September, the NBN Co said it would make fibre to the premises available to about 75% of homes on the network, making a total of eight million in all, by the end of 2023.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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