✨ Financial Statements Notes
4180
NEW ZEALAND GAZETTE, No. 166
30 SEPTEMBER 2005
Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2005
ELECTRICITY DIVISION
5 Guaranteed Bonds
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
On 30 June 2005, guaranteed bonds on issue were:
| 2005 12 mths $000 | 2004 12 mths $000 | |
|---|---|---|
| 7 year guaranteed bonds | 100,000 | 100,000 |
| 9 year guaranteed bonds | 100,000 | 100,000 |
| 11 1/4 year guaranteed bonds | 50,000 | 50,000 |
| Total | 250,000 | 250,000 |
The Guaranteed Bonds were issued on 29 March 2004 and are unsecured debt obligations of Powerco Limited. The scheduled payments by the Company of interest and principal are guaranteed on an unsecured basis by US-based XL Capital Assurance Inc., a specialist financial guaranty organisation. The bonds expire on 29 March 2011 (7 year bonds), 29 March 2013 (9 year bonds) and 29 June 2015 (11 year bonds). As at 30 June 2005, the interest rates on the guaranteed bonds are:
- 7 year guaranteed bonds: 6.22%
- 9 year guaranteed bonds: 6.39%
- 11 year guaranteed bonds: 6.53%
The Guaranteed Bonds have the benefit of the Security Trust Deed as a Senior Secured Facility.
The fair values of the Guaranteed Bonds as at 30 June 2005 was:
- 7 year guaranteed bonds: $98,399,704
- 9 year guaranteed bonds: $98,751,530
- 11 year guaranteed bonds: $49,393,056
6 US Dollar Private Placement Notes
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
On 30 June 2005, US dollar private placement notes on issue were:
| 2005 12 mths $000 | 2004 12 mths $000 | |
|---|---|---|
| On 30 June 2005, US dollar private placement notes on issue were: | 294,266 | 294,266 |
The USD Private Placement note issue took place on 25 November 2003 to private US investors. The coupon payments are semi-annual and the note issue expires 25 November 2014 (11 year), 25 November 2015 (12 year), and 25 November 2016 (13 year).
As at 30 June 2005, the interest rates on the notes were:
- 11 year USD private placement notes: 5.47%
- 12 year USD private placement notes: 5.57%
- 13 year USD private placement notes: 5.67%
The USD Private Placement notes have the benefit of the Security Trust Deed as a Senior Secured Facility.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 166
Gazette.govt.nz —
NZ Gazette 2005, No 166
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Powerco Limited Financial Statements Notes
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🏭 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, Guaranteed Bonds, US Dollar Private Placement Notes, Interest Rates, Security Trust Deed, Senior Secured Facility