New Zealand Gazette – 2005 – No. 147

Page 3617

✨ Financial Statements



Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2005

19. BORROWINGS

As at 31 March 2005

Weighted average interest rates Total $'000 Repayable within 1 year $'000 Repayable between 1 and 2 years $'000 Repayable between 2 and 5 years $'000 Repayable after 5 years $'000
Bank loans 7.22% 200,367 - - 200,367 -
Working capital loans 6.90% 25,046 25,046 - - -
Medium term notes – fixed rate NZ$ 6.50% 166,497 - - 166,497 -
Medium term notes – floating rate A$ 5.92% 475,053 - - 266,337 208,716
Capital bonds 9.75% 256,474 - 256,474 - -
Private placement senior notes 5.65% 349,236 - - - 349,236
Total 1,472,673 25,046 256,474 633,201 557,952

As at 31 March 2004

Weighted average interest rates Total $'000 Repayable within 1 year $'000 Repayable between 1 and 2 years $'000 Repayable between 2 and 5 years $'000 Repayable after 5 years $'000
Bank loans 6.00% 567,387 - 567,387 - -
Working capital loan 5.62% 44,883 44,883 - - -
Medium term notes – fixed rate NZ$ 6.50% 168,547 - - 168,547 -
Medium term notes – floating rate A$ 6.02% 481,871 - - 270,159 211,712
Capital bonds 9.75% 260,155 - - 260,155 -
Total 1,522,943 44,883 567,387 698,961 211,712

Interest rates for all bank loans are floating based on the bank bill rate plus a margin. The bank loans are arranged through various facility agreements.

Facilities with a total committed amount of $600 million will expire in October 2008.

The working capital facility with total commitment of $70 million which is due to expire in October 2005.

Medium term notes – fixed rate NZ$ mature April 2007 and are shown at the value of proceeds received after deducting the discount on issue ($1.4 million) and adjusted for the amount amortised to 31 March 2005 of ($0.9 million).

The interest on NZ$ medium term notes is fixed at 6.5% per annum and is paid semi-annually.

Medium term notes – floating rate A$ mature April 2008 and April 2011. The interest on A$ medium term notes is paid quarterly, based on BBSW plus a margin.

Capital bonds are unsecured, subordinated debt and have a first election date of 15 December 2006. The interest as at 31 March 2005 is fixed at 9.75% per annum and is paid semi-annually. Upon the quotation of Vector Limited’s shares on the New Zealand Stock Exchange and the issue of at least 24.9% of the total share capital of Vector Limited to persons other than the AECT, the interest rate on the capital bonds will be reset to 8.25% per annum.

Vector Limited privately placed senior notes worth US$15 million, US$65 million and US$195 million for 8, 12 and 15 years respectively with US investors in September 2004 at a contract exchange rate of 0.6574 US$ for every NZ$.

Borrowings are classified between current and non-current dependent on repayment dates.

Borrowings are subject to various covenants. These have all been met for the years ended 31 March 2005 and 31 March 2004.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 147


Gazette.govt.nz — PDF NZ Gazette 2005, No 147




✨ LLM interpretation of page content

🏭 Vector Limited's Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Borrowings, Interest Rates, Loans, Bonds