✨ Financial Statements
NEW ZEALAND GAZETTE, No. 172
27 NOVEMBER 2009
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
19. Non current debt
| LINES BUSINESS | 2009 | 2008 |
|---|---|---|
| $000 | $000 | |
| Bonds | 283,872 | 246,230 |
| Euro Medium Term Notes | 710,704 | 783,786 |
| US Private Placement | 163,753 | 143,585 |
| Total non-current debt | 1,164,329 | 1,173,611 |
| Less current portion of long term debt | - | (153,713) |
| Total long term debt | 1,164,329 | 1,019,898 |
| One to five years | 353,127 | 329,305 |
| Greater than five years | 811,202 | 690,593 |
| Total | 1,164,329 | 1,019,898 |
| Add debt allocated (to) from non-lines businesses* | (10,579) | 17,636 |
| Total long term debt | 1,153,750 | 1,037,534 |
*These financial statements have been prepared by adjusting the Transpower Lines Business financial statements for non lines business items included in those financial statements.
There were no defaults or breaches on loans during the period (2008: no defaults or breaches).
Financial Instrument Designation
Refer to Note 9 Financial Instrument Designation for the designation of the above instruments.
Bonds
The bonds are issued in New Zealand Dollars and have a nominal value of $300 million, with maturities between 2010 and 2020 and yields ranging from 6.95% to 7.78%.
Bonds are issued under a Trust Deed dated 6 April 1995 between Transpower, the Initial Guaranteeing Subsidiaries (including Transpower Finance) 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, (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
Notes have been issued in Swiss Francs, Japanese Yen and Canadian Dollars with nominal values of CHF 300 million (S425.1 million converted at 30 June 2009 exchange rate of 0.7057 and S343.9 million as amended by cross currency interest rate swaps), JPY 5 billion ($80.0 million converted at 30 June 2009 exchange rate of 62.46 and $98.4 million as amended by cross currency interest rate swaps) and CAD 125 million ($165.7 million converted at 30 June 2009 exchange rate of 0.7543 and $152.6 million as amended by cross currency interest rate swaps). Maturities are between 2011 and 2014 with yields ranging from 1.37% to 4.61%.
Under the Euro Medium Term Note programme Transpower Finance may from time to time issue notes guaranteed by Transpower. The aggregate principal amount of the notes outstanding will not at any time exceed USD 1,000,000,000 ($1,532,632,000 as at 30 June 2009, (USD 1,000,000,000 [$1,310,960,000] as at 30 June 2008) or equivalent in other currencies).
The Guarantor (Transpower) and Transpower Finance have given a negative pledge covenant that while any of the notes issued under the EMTN programme remain outstanding they will not (and their subsidiaries will not), subject to certain exceptions, create or permit to exist any charge or lien over any of their respective assets to secure payment of certain indebtedness.
The Guarantor (Transpower) and Transpower Finance guarantee payment of all principal and interest amounts in respect of notes issued under the EMTN programme.
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NZ Gazette 2009, No 172
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Transpower New Zealand Limited Financial Provisions
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