✨ Financial Statements




23 AUGUST

NEW ZEALAND GAZETTE

3143

Notes to the financial statements (continued)

For the year ended 31 March 2002

2002 2001
$'000 $'000

11) Borrowings

a. Non-Current
Bank loans unsecured | 26,850 | 3,200
Shareholder subordinated Debt | - | 10,000
| 26,850 | 13,200

b. Current
Bank loans unsecured | - | 3,200
Lease Liability | - | 9
| - | 3,209

12) Payables and accruals

Trade Creditors | 2,903 | 2,299
Other accruals | 2,561 | 36
Employee provisions | 179 | 158
| 5,643 | 2,493

13) Bank Loans

The Company has a creditline with ASB Bank for $40 million. This credit line is unsecured, but subject to a Deed of Negative Pledge. The facility is initially for a period of 5 years from 28 July 2001. Borrowings are rolled over on either 3 monthly or on a call basis. The Company has a policy of hedging interest rates and currently has interest rate cover of $18 million for various periods up to 5 years.

Average rate of fixed Rate cover at 31 March 2002 is 6.61%.



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Online Sources for this page:

VUW Te Waharoa PDF NZ Gazette 2002, No 117


Gazette.govt.nz PDF NZ Gazette 2002, No 117





✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Borrowings, Payables, Bank Loans, Creditline, Interest Rates