New Zealand Gazette – 1999 – No. 190

Page 4522

✨ Financial Statements



4522 NEW ZEALAND GAZETTE No. 190

TRANSPOWER NEW ZEALAND LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1999

  1. LONG TERM DEBT
LINES BUSINESS GROUP
1999 1998
$000 $000
Between one to two years 185,708 -
Between two to five years 673,975 591,001
Greater than five years 302,874 499,085
Total long term debt 1,162,557 1,090,086

The following loan arrangements included within long
term debt have a face value as follows:
Bonds 662,106 622,731
Euro medium term notes 500,451 709,961
1,162,557 1,332,692

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. The trust deed has been amended on
30 June 1997 and 26 June 1998 in accordance with the Supplemental Trust Deed.
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.

Euro Medium Term Notes
Under the Euro Medium Term Note Programme Transpower Finance Limited may
from time to time issue notes guaranteed by Transpower. The aggregate principal
amount of the notes outstanding will not at any time exceed US$1,000,000,000
(NZ$1,890,359,168 as at 30 June 1999), (US$1,000,000,000 (NZ$1,976,089,000) as at
30 June 1998) or equivalent in other currencies. The Guarantor (Transpower) and
Transpower Finance Limited have given a negative pledge and guarantee payment of
all principal and interest amounts.



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