New Zealand Gazette – 1996 – No. 173

Page 4562

✨ Financial Statements Notes

4562

NEW ZEALAND GAZETTE
TRANS POWER NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1996

No. 173

LONG TERM DEBT

	30 June 1996	30 June 1995
	$000	$000
Between one to two years	14,078	200,000
Between two to five years	312,719	-
Greater than five years	906,619	268,856
Total Long Term Debt	1,233,416	468,856

The nature of security provided against amounts borrowed is as follows:

Bonds
Bonds are issued under a trust deed dated 6 April 1995 between the Parent Company, the Initial Guaranteeing Subsidiaries (including Trans Power Finance Limited) and The New Zealand Guardian Trust Company Limited. Pursuant to the trust deed, the Parent Company, Trans Power Finance Limited and Trans Power Finance Limited's fellow subsidiaries (the "Guaranteeing Group") have given a negative pledge that while any of the stock issued under the trust deed remains outstanding they will not, subject to certain exceptions, create or permit to exist any charge or lien over any of their respective assets. Each member of the Guaranteeing Group has guaranteed all amounts payable on redemption or repayment of the Bonds and the payment of interest during the term of the Bonds. Bonds on issue as at 30 June 1996 have a book value of $622,448,000 (1995: $268,856,000).

Crown Loan
A NZ$1,588,000,000 Loan Facility Agreement dated 9 June 1994 was entered into between Trans Power Finance Limited, as borrower, and Her Majesty the Queen in Right of New Zealand (the Crown), as lender. The Parent Company, Trans Power Finance Limited and Trans Power Finance Limited's fellow subsidiaries have given a negative pledge and guarantee payment of all principal and interest amounts. The balance outstanding under the loan facility as at 30 June 1996 is $200,000,000 (30 June 1995: $1,100,000,000)

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VUW Te Waharoa — NZ Gazette 1996, No 173

NZLII — NZ Gazette 1996, No 173

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Trans Power New Zealand Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated5 November 1996
KeywordsFinancial Statements, Long Term Debt, Bonds, Crown Loan, Trust Deed, Security

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