New Zealand Gazette – 2000 – No. 162

Page 4205

✨ Financial Statements



4 DECEMBER

NEW ZEALAND GAZETTE

4205

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2000

12. LONG TERM DEBT

LINES BUSINESS LINES BUSINESS
2000 1999
$000 $000
Net funding received from the non lines business* 13,675 -
Between one to two years 249,326 185,708
Between two to five years 661,787 673,975
Greater than five years 119,426 302,974
Total long term debt 1,030,541 1,162,557

Total Long Term Debt

*These financial statements have been prepared by adjusting the Transpower Group financial statements for non line business items included in those financial statements. The net assets of the non line business have provided funds to the Transpower Group of $13,675,004 (1999: $181,000). This was treated as an adjustment to Retained Earnings in the previous year as disclosed in Note 15, being the first year these financial statements were prepared.

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

2000 1999
Bonds 570,036 662,106
Euro medium term notes 460,505 500,451
Total 1,030,541 1,162,557

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 Guarantor 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$2,138,351,233) as at 30 June 2000; (US$1,000,000,000) (NZ$1,890,359,168) as at 30 June 1999 or equivalent in other currencies. The Guarantor (Transpower) and Transpower Finance Limited have given a negative pledge and guaranteed payment of all principal and interest amounts.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 162


Gazette.govt.nz — PDF NZ Gazette 2000, No 162




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Long term debt, Bonds, Euro medium term notes, Trust deed, Transpower Finance Limited, The New Zealand Guardian Trust Company Limited