Telecommunications giant Telstra is raising $A1.28 billion by issuing new long-term bonds. Source: AAP
TELSTRA has raised more than $1 billion worth of euro-denominated bonds, ahead of the government's upcoming auction of mobile spectrum space.
Telstra spokesman Scott Whiffin said the one billion euro ($A1.28 billion) issue of 10-year euro-denominated bonds was part of the company's annual borrowing program.
"The proceeds will be used for general corporate purposes, which include a range of different business needs and may include funding spectrum," Mr Whiffin said in an emailed statement on Thursday.
"We may predominantly finance spectrum through debt in the first instance."
The federal government was hoping to raise about $3 billion from the spectrum auction, due to be held in April.
The auction comes partly from the reallocation of spectrum used for the analogue television signal that is due to be switched off after December 31, 2013.
Telstra, as well as competitors Optus and Vodafone, are all expected to bid for the spectrum allocation to boost mobile coverage and expand their high-speed 4G offerings.
Telstra would "predominantly finance spectrum through debt in the first instance", the telco's chief financial officer Andy Penn said during the company's first half results announcement in January.
"Hence we will have an active debt program in the second half of the year," Mr Penn said at the time.
US-based telco AT&T has also tapped the European bond market, selling one billion euros of 20-year bonds on Tuesday.
At 1500 AEDT on Thursday, Telstra was down three cents at $4.54.
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