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New Zealand Gazette – 2000 – No. 146

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✨ Financial Statements Notes

3806 NEW ZEALAND GAZETTE No. 146

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Eastland Network Limited

Notes to the financial statements (continued)

For the year ended 31 March 2000

15. Bank Loans

Total bank borrowings of $6,400,000 are in two parts,
$3,200,000 on a 5 year term loan due for repayment on 28 July 2004. Interest on this loan is fixed for 2 year period expiring 28 July 2001. The current interest rate is 6.56%.

$3,200,000 Multi option current loan (MOCL) for an initial term of 364 days expiring 26 July 2000. This facility is renewable at the Bank’s option. Interest rates are reviewed at 90 or 180 day periods. Current interest rate is 6.87%. The interest rate on this facility is hedged within the range 5.0% to 7.55% until 28 July 2001.

The bank borrowings are not secured.

16. Finance Lease

The finance lease is secured over the office telephone equipment.

17. Subordinated Debt

In accordance with the Establishment Plan creating Eastland Network Limited (formerly Eastland Energy Limited) as an energy company under the Energy Companies Act 1992, Eastland Energy Community Trust provided the Company with loan finance of $10,000,000. This debt is subordinate to all other liabilities of the Company, and is interest free.

It is likely that this Debt will be replaced with loan finance on commercial terms during the next financial year.

18. Contingent Liabilities

At 31 March 2000, The Company has a contingent liability of $137,300 (1999: $141,049) in respect of Subdivision Developers’ Rebates on sections that are reticulated but undeveloped. The individual liabilities will be brought to charge as each section is developed and line charges become payable.

VUW Te Waharoa — NZ Gazette 2000, No 146

Gazette.govt.nz — NZ Gazette 2000, No 146

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Notes to the financial statements by Eastland Network Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsBank loans, Finance lease, Subordinated debt, Contingent liabilities, Eastland Network Limited

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