Spark New Zealand Partners With Challenger Limited Regarding Interest Free Payment Plans
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Spark New Zealand Limited announced a collaboration with Challenger Limited to establish a new financing structure for interest free payment (IFP) plans for mobile handsets and accessories. The deal involves selling eligible receivables to Challenger for about $240 million, reducing Spark's net debt. The agreement includes an ongoing arrangement to sell future IFP receivables regularly. Spark's stock closed at AUD 1.9450 on the Australia Stock Exchange.
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