✨ Financial Statements
Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2005
ELECTRICITY DIVISION
2 Redeemable Fixed Coupon Bonds
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
On 30 June 2005, Redeemable Fixed Coupon Bonds on issue were:
| | 2005
| | 12 mths
| | $000
|--------------------|--------|
| | 2004
| | 12 mths
| | $000 |
| 5 Year Fixed Coupon Bonds | - | 98,001 |
| 7 Year Fixed Coupon Bonds | - | 78,004 |
The redeemable bonds issued on 1 September 2000 were due to expire on 1 September 2005 (5 year bond) and 1 September 2007 (7 year bonds). The Redeemable Bonds were redeemed by Powerco in February 2005. $180 million of commercial bank debt was used to refinance the redemption, and will continue to do so until September 2005, when it is intended that an issue of $180 million in Credit Wrapped bonds will replace it.
The refinancing interest rate is based on the New Zealand 90 day BKBM plus a .20% margin. As at 30 June 2005 the applicable rates were:
- September 2005 tranche ($100m) 7.2425%
- September 2007 tranche ($80m) 7.2425%
The fair value of the bonds as at 31 March 2004 were:
- 5 year fixed coupon bonds $100,884,378 (7.97%)
- 7 year fixed coupon bonds $32,399,937 (8.15%)
3 Capital Bonds
| | 2005
| | 12 mths
| | $000
|--------------------|--------|
| | 2004
| | 12 mths
| | $000 |
| | - | 100,000 |
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
On 30 June 2005, no capital bonds were on issue.
The Capital Bonds, issued on 22 May 2002, were unsecured, subordinated debt obligations of Powerco Limited with an interest rate of 8.4% p.a. fixed until 22 May 2007. The Capital Bonds have now been replaced with an issue of Subordinated Bonds, which occurred on 15 April 2005. The Subordinated Bonds, as detailed in note 4 below, have an interest rate of 7.64% p.a. and expire on 15 April 2010.\n
4 Subordinated Bonds
| | 2005
| | 12 mths
| | $000
|--------------------|--------|
| | 2004
| | 12 mths
| | $000 |
| | 100,000 | - |
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
On 30 June 2005, subordinated bonds on issue were:
The Subordinated Bonds were issued on 15 April 2005 and are unsecured, subordinated debt obligations of Powerco Limited. They were issued in order to replace the $100m Capital Bonds, and have a tenure of 5 years. They have an interest rate of 7.64% p.a. fixed until expiry on 15 April 2010.
The fair value of the subordinated bonds as at 30 June 2005 is $102,755,042. (Capital Bonds Value, 31 March 2004: $104,685,000).
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 166
Gazette.govt.nz —
NZ Gazette 2005, No 166
✨ LLM interpretation of page content
🏭
Powerco Limited Financial Statements Notes
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Powerco Limited, Statement of Cash Flows, GST, Money Market Instruments, Intercompany Loans, Redeemable Bonds, Fixed Coupon Bonds, Capital Bonds, Subordinated Bonds