✨ Financial Statements
29 NOVEMBER 2010 NEW ZEALAND GAZETTE, No. 159 4019
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
20. Non current debt
| LINES BUSINESS | 2010 ($000) | 2009 ($000) |
|---|---|---|
| Bonds | 448,447 | 289,872 |
| Term borrowing | 100,391 | - |
| Euro Medium Term Notes | 782,794 | 710,704 |
| US Private Placement | 164,852 | 163,753 |
| 1,496,484 | 1,164,329 | |
| Less current portion of long term debt | (101,604) | - |
| Total long term debt | 1,394,880 | 1,164,329 |
| One to five years | 712,972 | 353,127 |
| Greater than five years | 681,908 | 811,202 |
| 1,394,880 | 1,164,329 | |
| Add debt allocated (to) from non-lines business | 26,408 | (11,210) |
| Total long term debt | 1,421,288 | 1,153,119 |
Debt is reported at fair value and therefore reflects fair value movements due to interest rate and exchange rate fluctuation.
At 30 June 2010, no loans were in breach or default (30 June 2009: none).
Financial Instrument Categorisation
Refer to Note 10 Financial Instrument Categorisation for how the above instruments have been categorised.
Bonds
The bonds are issued in New Zealand Dollars and have a nominal value of $450 million, with maturities between 2010 and 2020 and yields ranging from 4.12% 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 (and remove) new subsidiaries into (and from) the Guarantor Group.
Pursuant to the Trust Deed, Transpower and its subsidiaries excluding Risk Reinsurance Limited, Energy Market Services Limited and d-cyphaTrade Limited (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.
Term Borrowing
A term borrowing facility has been established with the Bank of Tokyo. Under the term borrowing facility Transpower may borrow up to NZD $100m. This facility matures in 2016 and has a current interest rate of 3.43% at 30 June 2010. At 30 June 2010, the facility is fully drawn.
Euro Medium Term Notes
Notes have been issued in Swiss Francs, Japanese Yen, Hong Kong Dollars and Canadian Dollars. The nominal values are: CHF 300 million ($400.1 million converted at 30 June 2010 exchange rate of 0.7498 and $343.9 million as amended by cross currency interest rate swaps), JPY 5 billion ($81.4 million converted at 30 June 2010 exchange rate of 61.41 and $98.4 million as amended by cross currency interest rate swaps), HKD 400 million (74.1 million converted at 30 June 2010 exchange rate of 5.397 and $73.1 million as amended by cross currency interest rate swaps) and CAD 125 million ($171.3 million converted at 30 June 2010 exchange rate of 0.7298 and $153.6 million as amended by cross currency interest rate swaps). Maturities are between 2011 and 2020 with yields ranging from 1.37% to 4.61%.
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NZ Gazette 2010, No 159
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Transpower New Zealand Limited Financial Statements
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