✨ Financial Statements Continuation
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2006
12. LONG TERM DEBT
| LINES BUSINESS 2006 $000 | LINES BUSINESS 2005 $000 | |
|---|---|---|
| Bonds | 350,000 | 400,000 |
| Euro Medium Term Notes | 271,047 | 183,903 |
| US Private Placement | 164,474 | 164,474 |
| Structured financing transaction liability | 732,700 | 732,700 |
| Less unamortised discount | (1,531) | (2,323) |
| 1,516,690 | 1,478,754 | |
| Less current portion of long term debt | (105,648) | (95,392) |
| 1,411,042 | 1,383,362 |
The following loan arrangements included within long term debt have a face value as follows:
- Between one to two years | 732,700 | 105,364 |
- Between two to five years | 265,536 | 767,100 |
- Greater than five years | 412,806 | 510,866 |
Long term debt | 1,411,042 | 1,383,362 |
Add debt allocated (to) from non-lines businesses* | 11,496 | 36,360 |
Total Long Term Debt | 1,422,538 | 1,419,722 |
*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$1,836,929,000) as at June 2006; US$1,000,000,000 (NZ$1,427,348,000) as at 30 June 2005 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$811,985,000). There were no Australian Medium Term notes outstanding as at 30 June 2006 (2005: nil).
US Private Placement
Bonds issued by Transpower Finance Limited under a Note and Guarantee Agreement dated 27 September 2004. The bonds are guaranteed by Transpower (the 'Guarantor'), Frigiting Bay Finance Limited, Haywards Limited, Otoronga Bay Limited, Onaka Training Limited, Energy Market Services Limited, Araheita Holdings Limited, Hailfax 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 —
NZ Gazette 2006, No 149
Gazette.govt.nz —
NZ Gazette 2006, No 149
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Notes to the Financial Statements for Transpower New Zealand Limited Lines Business
(continued from previous page)
🏭 Trade, Customs & Industry24 November 2006
Financial Instruments, Accounting Policies, NZ IFRS, Taxation, Transpower, Lines Business, 2006