β¨ 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 —
NZ Gazette 2002, No 117
Gazette.govt.nz —
NZ Gazette 2002, No 117
β¨ LLM interpretation of page content
π
Notes to the financial statements for Eastland Network Limited
(continued from previous page)
π Trade, Customs & IndustryFinancial Statements, Borrowings, Payables, Bank Loans, Creditline, Interest Rates