The company said in a statement to the ASX on Monday that it had said during the presentation of results on 27 February that its net debt had peaked during the first half of fiscal year 2019 after funding the Australia Singapore Cable.

However, iTWire understands that Vocus is in negotiations to sell its Steel River data centre in Newcastle to communications provider CountryTell. The data centre was part of the Ipera acquisition in 2012.

In June 2018, Vocus said it had opened a new line of debt to the tune of A$1.27 billion and NZ$150 million, with the same interest cover and gearing ratios but with a new net leverage ratio to provide what it calls "financial headroom and flexibility".

During the February announcement, managing director and chief executive Kevin Russell outlined the progress made on the three-year strategic plan to turn the business around.

“Having closed out my first six-month period at Vocus, I have great confidence in the strategic growth opportunity for our company, with the core of that opportunity being in our Australian infrastructure business, Vocus Networks," he said at the time.

"This is a three-year turnaround and our board and leadership team is very clear on the way forward. The turnaround program is well underway, and momentum and change has clearly been established."

In Monday's statement, Vocus said: "The board and management remain comfortable with Vocus’ debt position. There is no current intention to raise additional equity."