New Zealand Gazette – 2002 – No. 173

Page 4370

✨ Financial Statements



TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2002

11. LONG TERM DEBT

LINES BUSINESS 2002 LINES BUSINESS 2001
$000 $000
Between one to two years 256,485 253,462
Between two to five years 336,863 498,339
Greater than five years 229,229 102,180
Long term debt 822,577 853,981
Less debt allocated to non-lines business * (16,741) (11,056)
Total Long Term Debt 805,836 865,927
  • These financial statements have been prepared by adjusting the Transpower Group financial statements for non lines business items included in those financial statements.

The following loan arrangements included within long term debt have a face value as follows:
Bonds 480,409 380,450
Euro medium term notes 342,168 473,531
822,577 853,981

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 Guaranteeing 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 excluding Risk Reinsurance Limited (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$2,034,589,000) as at 30 June 2002. US$1,000,000,000 (NZ$2,469,135,000) as at 30 June 2001 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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VUW Te Waharoa — PDF NZ Gazette 2002, No 173


Gazette.govt.nz — PDF NZ Gazette 2002, No 173




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Long Term Debt, Bonds, Euro Medium Term Notes, Transpower