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New Zealand Gazette – 2010 – No. 165

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✨ Financial Statements

NEW ZEALAND GAZETTE, No. 165

3 DECEMBER 2010

Note to and Forming Part of the Financial Statements
For the year ended 30 June 2010

GAS DIVISION

3 BORROWINGS

	30 June 2010 NZ$000	30 June 2009 NZ$000
Guaranteed bonds (b):
6.5% dollar private placement notes (c)	70,913	95,052
LS dollar private placement notes (c)	80,041	84,299
Commercial paper debt (a)	76,638	6,356
	207,899	181,747
Bank overdraft (note 5)	167	318
Subordinated bonds (a)
Guaranteed bonds (b)	21,397	22,477
Commercial bills and bank acceptances (c)	4,463	4,450
Commercial paper facility and bank drawn down under the standby facility as part of the commercial paper programme (c)	5,896	45,574
	28,037	101,016
	32,354	32,354

(a) Subordinated bonds

	30 June 2010 NZ$000	30 June 2009 NZ$000
Subordinated bonds
Adjustment for the fair value of the interest rate risk	-	2,156
	-	907
Deferred funding costs	-	(723)
Abolished interests	-	355
Carrying value of subordinated bonds	-
Current portion	-	22,477
Non-current portion	-	22,477
Total	-	22,477

The Subordinated bonds were issued on 15 April 2009 and could on 15 April 2039. They were unsecured, subordinated dual obligations of Powerco Limited and had an interest rate of 7.645% payable throughout their term.

(b) Guaranteed bonds

	30 June 2010 NZ$000	30 June 2009 NZ$000
7 year guaranteed tranche	21,240	21,437
Adjustment for the fair value of the interest rate risk	384	932
Deferred funding costs	(79)	(191)
9 year guaranteed tranche	21,240	21,437
Adjustment for the fair value of the interest rate risk	902	911
Deferred funding costs	(123)	(308)
11 year guaranteed bonds	10,626	10,719
Adjustment for the fair value of the interest rate risk	649	372
Deferred funding costs	(183)	(166)
7 year guaranteed bonds	27,912	29,648
Deferred funding costs	(220)	(347)
12 year guaranteed bonds	10,620	10,718
Deferred funding costs	(179)	(219)
Accrued interest	92,451	93,692
Carrying value of guaranteed bonds	92,590	93,124
Current portion	21,557	32
Non-current portion	70,913	93,092
Total	92,590	93,124

Gazette.govt.nz — NZ Gazette 2010, No 165

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✨ LLM interpretation of page content

💰 Powerco Gas Division Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsBorrowings, Bonds, Commercial Paper, Financial Instruments, Guaranteed Bonds, Subordinated Bonds

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