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AAP`s ann: $300Million Syndicated Debt Facility

Document date:  Tue 09 Nov 1999
Published:  Tue 09 Nov 1999 00:00:00
Document No:  195424
Document part:  A
Market Flag:  Y

AAPT LIMITED                                  1999-11-09  ASX-SIGNAL-G

HOMEX - Sydney                                                        

AAPT has signed a $300 million Syndicated Debt Facility, an increase
of $150 million to its previous facility of $150 million. The
increased facility was arranged by ANZ Investment Bank, also acting
as Facility Agent for the syndicate.

Joining the three existing lenders comprising ANZ Banking Group, The
e Manhattan Bank and Citibank NA are Royal Bank of Canada, The
Toronto Dominion Bank and Banque Nationale de Paris.

The facility, which is structured as a revolving cash advance
facility, increases an original three-year facility established in
November 1998.

"We are delighted at the high level of participation by the new
entrants and look forward to a long-standing relationship with all
our lenders," said Tony Rogge, AAPT's Chief Financial Officer. Mr
Rogge added it was al0
ways AAPT's intention to diversify its funding
capabilities and part of this strategy included expanding its banking

The $150 million increase will be mainly used for selected
infrastructure investments including international submarine cable,
LMDS rollout and initial start-up costs on the CDMA project. In
the meantime the company continues to evaluate the longer term
funding of CDMA, particularly in light of Telecom New Zealand's
investment in AAPT.

Mr Rogge0
 said "There are several options available for CDMA,
including project financing and a float of the CDMA operations. With
this facility in place, we will move forward in accord with our
timetable while evaluating the means of providing the true value of
CDMA to our shareholders in the earliest timeframe."

AAPT is Australia's third largest carrier with revenues in excess of
$750 million in the 1999 financial year. AAPT provides a broad mix of
telecommunications services to th0
e business and consumer markets.
Some of AAPT's best-known brands include AAPT Smartchat for
residential services and Sat-Tel for business satellite connections.
AAPT's subsidiary businesses include Internet service provider, GSM mobile reseller Cellular One, and e-commerce
provider Commerce Solutions (previously AT & T Easylink).

For further information please contact:

Tony Rogge 
02 9377 7754