New Zealand Gazette – 2005 – No. 27

Page 646

✨ Financial Statements



Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2004

11. BORROWINGS

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% 168,647 - - 168,647 -
Medium term notes – floating rate A$ 6.02% 481,871 - - 270,159 211,712
Capital bonds 9.75% 260,155 - - 260,155 -
6.82% 1,522,943 44,883 567,387 698,961 211,712
As at 31 March 2003 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 $000
Bank loans 6.31% 700,864 - - 700,864 -
Working capital loan 6.18% 4,000 4,000 - - -
Medium term notes – fixed rate NZ$ 6.50% 109,792 - - 109,792 -
Medium term notes – floating rate A$ 5.33% 314,155 - - 176,130 138,025
Capital bonds 8.25% 288,010 - - 288,010 -
6.35% 1,416,821 4,000 - 1,274,796 138,025

All borrowings are unsecured with all bank loans and medium term notes subject to negative pledge arrangements.

Interest rates for all bank loans are floating based on the bank bill rate plus a margin. The bank loans are arranged through a syndicated facility. The facility expires in September 2005. The working capital facility expired in September 2004 and has been renewed.

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 2004 ($0.8 million). The interest on NZ$ 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 subordinated debt and have a first election date of 15 December 2006. The interest is currently fixed at 9.75% per annum and is paid semi-annually.

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

Bank loans are subject to covenants. These have all been met for the years ended 31 March 2004 and 31 March 2003.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 27


Gazette.govt.nz — PDF NZ Gazette 2005, No 27




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Vector Limited – Electricity Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Expenditure, Interest Expense, Vector Limited, Electricity Lines Business

🏭 Borrowings Summary for Vector Limited – Electricity Lines Business

🏭 Trade, Customs & Industry
Borrowings, Financial Statements, Interest Rates, Vector Limited, Electricity Lines Business