✨ Financial Statements
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2004
11. LONG TERM DEBT
| LINES BUSINESS 2004 $000 | LINES BUSINESS 2003 $000 | |
|---|---|---|
| Bonds | 435,000 | 535,000 |
| Euro medium term notes | 183,965 | 340,827 |
| Other | 422,439 | 200,000 |
| Total | 1,041,404 | 1,075,827 |
| Less unamortised discount | (26,270) | (54,941) |
| 1,015,134 | 1,020,886 | |
| Less current portion of long term debt | (407,449) | (66,618) |
| 607,685 | 954,268 | |
| Long term debt payable: | ||
| Repayments due in two years | 95,201 | 185,722 |
| Between two to five years | 339,615 | 433,541 |
| Greater than five years | 196,126 | 194,555 |
| Total Long term debt | 631,034 | 813,798 |
| Add debt allocated to non-lines businesses* | 25,751 | (13,779) |
| Total Long Term Debt | 556,785 | 800,019 |
*These financial statements have been prepared by adjusting the Transpower Group financial statements for non-lines business items included in those financial statements.
The nature of security provided against monies borrowed is as follows:
Bonds
Bonds are issued under a trust deed dated 9 April 1995 between Transpower; the initial Guarantor Subsidiaries (including Transpower Finance Limited) and The New Zealand Guardian Trust company limited. The trust deed has been amended on 31 June 1997 and 26 June 1998 in accordance with Supplemental Trust Deeds. Passes to the trust deed: Transpower, Transpower Finance Limited, and Transpower Finance Limited’s fellow subsidiaries, excluding Rick Resourcing Group. Bonwave Finance, Busanhope Holdings and Beacon 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 monies payable in redemption or repayment to the Bond, 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 notes issued to date under the program will mature as follows: €204.0 million in 2005, €155.8 million in 2006, €35.0 million in 2007, €231.8 million in 2008 and €39.0 million (NZ$73.4 million) in 2011. As at 30 June 2003, €406.9 million was equivalent in their 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
Under the Australian Medium Term Note Program arranged by Transpower Finance Limited may issue notes guaranteed by TFNZ. The aggregate principal of the notes outstanding may not exceed A$150,000,000 (NZ$182.9 million).
There were no Australian Medium Term notes outstanding as at 30 June 2004 (2003: nil).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 171
Gazette.govt.nz —
NZ Gazette 2004, No 171
✨ LLM interpretation of page content
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Financial Performance of Transpower New Zealand Limited Lines Business
(continued from previous page)
🏭 Trade, Customs & Industry22 December 2004
Financial Statements, Long Term Debt, Bonds, Euro Medium Term Notes, Australian Medium Term Notes