New Zealand Gazette – 1998 – No. 193

Page 4547

✨ Financial Statements



30 NOVEMBER NEW ZEALAND GAZETTE 4547

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

13. LONG TERM DEBT

1998 1997
$000 $000
Between one to two years - 225,764
Between two to five years 591,001 434,348
Greater than five years 499,085 671,068
Total Long Term Debt 1,090,086 1,331,180

The following loan arrangements included within long term debt have a face value as follows:

1998 1997
$000 $000
Bonds 622,731 622,583
Euro medium term notes 709,961 722,682
1,332,692 1,345,265

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

Bonds

Bonds are issued under a trust deed dated 6 April 1995 between Transpower, the Initial Guaranteeing Subsidiaries (including Transpower Finance Limited) and The New Zealand Guardian Trust Company Limited. Pursuant to the trust deed, Transpower, Transpower Finance Limited and Transpower 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.



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🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Long Term Debt, Bonds, Euro medium term notes, Security, Financial Statements, Transpower, Trust Deed