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New Zealand Gazette – 2001 – No. 163

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✨ 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

21. FINANCIAL INSTRUMENTS continued

c) Financial instruments which manage currency, interest rate and liquidity risk

The Transpower Board of Directors have authorised the use of the following financial instruments to manage currency risk, interest rate risk and liquidity risk:

On Balance Sheet financial assets and liabilities

Term debt

Transpower has four active debt facilities: a European Commercial Paper Programme, Euro Medium Term Note Programme, a Domestic Medium Term Note Programme and a Domestic Multi-option Facility. The Company uses these facilities to issue debt securities into different global debt markets.

In the event Transpower is unable to utilise these facilities the Company has established two committed credit facilities. One facility is a NZ$500,000,000 Multi-option Facility with a syndicate of domestic and offshore banks of which NZ$125,000,000 is underwritten and which was unused as at 30 June 2001 and 30 June 2000. The second facility is a Standby Facility for US$150,000,000 (NZ$370,370,370) of which the total amount was unused at 30 June 2001. At June 2000 this facility was US$150,000,000 (NZ$250,752,699) and was also unused.

Term Investments

Transpower from time to time invests surplus cash arising from its core operations and from active liquidity management on wholesale bank deposits and securities for periods of up to one year.

Off Balance Sheet financial assets and liabilities

Interest rate swaps

Interest rate swaps are used to change the interest rate structure on physical debt issued by Transpower. The interest rate on debt is either converted from floating rate to fixed rate or vice versa through entering into an interest rate swap. In the normal course of Transpower’s funding activities interest rate swaps are entered into for periods of up to ten years.

VUW Te Waharoa — NZ Gazette 2001, No 163

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

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Financial Risks, Interest Rate Risk, Currency Risk, Credit Risk, Liquidity Risk, Debt Facilities, Term Investments, Interest Rate Swaps

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