✨ Financial Statements
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2003
11. LONG TERM DEBT
| LINES BUSINESS 2003 | LINES BUSINESS 2002 | |
|---|---|---|
| $000 | $000 | |
| Between one to two years | 185,722 | 256,485 |
| Between two to five years | 435,541 | 356,863 |
| Greater than five years | 194,515 | 229,229 |
| Long term debt | 815,798 | 822,577 |
| Less debt allocated to non-lines businesses* | (13,779) | (16,741) |
| Total Long Term Debt | 802,019 | 805,836 |
*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:
| 2003 | 2002 | |
|---|---|---|
| Bonds | 435,001 | 485,000 |
| Bonds unamortised discount | (3,144) | (4,591) |
| Euro medium term notes | 183,941 | 342,168 |
| Other | 200,000 | - |
| 815,798 | 822,577 |
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 Supplemental Trust Deeds. Pursuant to the trust deed, Transpower, Transpower Finance Limited and Transpower Finance Limited's fellow subsidiaries, excluding Risk Reinsurance Limited, Benmore Finance, Bunnythorpe Holdings and Benmore Trust (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 Program 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$1,778,410,000) as at June 2003, US$1,000,000,000 (NZ$2,034,588,000) as at 30 June 2003 or equivalent in other currencies. The Guarantor (Transpower) and Transpower Finance Limited have given a negative pledge and guarantees payment of all principal and interest amounts.
Australian Medium Term Notes
During the period Transpower arranged an Australian Medium Term Note Program. Under the Australian Medium Term Note Program, Transpower Finance Limited may issue notes guaranteed by TPNZ. The aggregate principal amount of the notes outstanding may not exceed A$750,000,000 (NZ$858,025,000).
There were no Australian Medium Term notes outstanding as at 30 June 2003 (2002: nil).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 162
Gazette.govt.nz —
NZ Gazette 2003, No 162
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Transpower New Zealand Limited Lines Business Notes to the Financial Statements
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🏭 Trade, Customs & IndustryFinancial statements, Long term debt, Bonds, Euro medium term notes, Australian medium term notes, Transpower Finance Limited