New Zealand Gazette – 2005 – No. 200

Page 5069

✨ Financial Statements



30 NOVEMBER 2005

NEW ZEALAND GAZETTE, No. 200

5069

TRANSPower NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2005

12. LONG TERM DEBT

The following loan arrangements included within long term debt have a face value as follows:

LINES BUSINESS 2005 $000 LINES BUSINESS 2004 $000
Bonds 400,000 435,000
Euro Medium Term Notes 183,903 183,905
US Private Placement 164,474 -
Structured financing transaction liability 732,700 732,700
Other 1,502 222,439
1,482,579 1,574,044
Less unamortised discount (2,323) (2,870)
1,480,256 1,571,174
Less current portion of long term debt (95,392) (407,440)
1,384,864 1,163,734
Between one to two years 105,694 95,393
Between two to five years 768,302 872,315
Greater than five years 510,868 196,026
Long term debt 1,384,864 1,163,734
Add debt allocated (to) from non-lines businesses* 36,360 25,751
Total Long Term Debt 1,421,224 1,189,485

*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 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 various occasions to incorporate new subsidiaries into the Guaranteeing Group.

Pursuant to the trust deed, Transpower and its fellow subsidiaries excluding Risk Reinsurance Limited, Benmore Finance and Bunnythorpe Holdings (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 programme 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$1,427,348,000) as at June 2005, US$1,000,000,000 (NZ$1,584,786,000) as at 30 June 2004 or equivalent in other currencies. The Guarantor (Transpower) and Transpower Finance Limited have given a negative pledge and guarantee payment of all principal and interest amounts.

Australian Medium Term Notes
Under the Australian Medium Term Note programme, Transpower Finance Limited may issue notes guaranteed by Transpower New Zealand Limited. The aggregate principal amount of the notes outstanding may not exceed AU$750,000,000 (NZ$817,389,000). There were no Australian Medium Term notes outstanding as at 30 June 2005 (2004: nil).

US Private Placement
Bonds are issued by Transpower Finance Limited under a Note and Guarantee Agreement dated 27 September 2004. The bonds are guaranteed by Transpower (the "Guarantor"), Fighting Bay Finance Limited, Haywards Limited, Oteranga Bay Limited, Omaka Training Limited, Energy Market Services Limited, Aratiatia Holdings Limited, Halfway Bush Finance Limited and TB and T Limited (the "Subsidiary Guarantors"). The Guarantor and Subsidiary Guarantors have unconditionally guaranteed payment of the principal, interest and other amounts owing under the Agreement.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 200


Gazette.govt.nz — PDF NZ Gazette 2005, No 200




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Transpower New Zealand Limited Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Long Term Debt, Bonds, Euro Medium Term Notes, US Private Placement, Structured Financing Transaction Liability, Trust Deed, Guaranteeing Group, Negative Pledge, Australian Medium Term Notes