iiNet lines up $330m in bank funding

Internet service provider iiNet has secured $330 million in debt finance with a syndicate comprising Australia's big four banks.

The Perth-based ISP said the facility with Westpac, ANZ, NAB and Commonwealth Bank comprised a $247.5 million three-year tranch and an $82.5 million four year tranche.

The company said the new facility would replace all existing debt finance.

Chief executive Michael Malone said the facility was designed to provide the company with significant headroom to pursue organic and inorganic growth strategies.

“iiNet looks forward to building a strong relationship with the wider banking group and acknowledges their commitment to supporting our push for further growth in 2013 and beyond,” Mr Malone said in a statement.

At close of trade today, iiNet shares nudged up 1 per cent, trading at $4.07.