New Zealand Gazette – 2001 – No. 163

Page 3982

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 163

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2001

12. LONG-TERM DEBT

LINES BUSINESS 2001 LINES BUSINESS 2000
$000 $000
Net funding received from the non lines business* 11,056 13,675
Between one to two years 253,462 249,326
Between two to five years 408,339 665,787
Greater than five years 187,180 119,428
Long term debt 853,981 1,030,541
Total Long Term Debt $855,037 1,044,216

*These financial statements have been prepared by adjusting the Transpower Group financial statements for non lines business items included in those financial statements. The net assets of the non lines business have provided funds to the Transpower Group of $11,056,000 (2000: $13,675,000).

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

2001 2000
Bonds 351,450 570,036
Euro medium term notes 473,031 460,505
833,981 1,030,541

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 Guarantceing 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 Deeds. 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$2,146,735,000) as at 30 June 2001. US$1,000,000,000 (NZ$2,138,351,533) as at 30 June 2000 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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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 163


Gazette.govt.nz — PDF NZ Gazette 2001, No 163




✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Lines Business Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Long-Term Debt, Bonds, Euro Medium Term Notes, Trust Deed, Security, Transpower Group