✨ Financial Statements - Powerco Gas Division
NEW ZEALAND GAZETTE, No. 132
2 NOVEMBER 2012
Notes to and forming Part of the Financial Statements
For the year ended 31 March 2012
GAS DIVISION
(b) Wholesale bonds
| 31 March 2012 NZ$000 | 30 June 2011 NZ$000 | |
|---|---|---|
| 7 year fixed rate wholesale bonds Deferred funding costs | 13,648 (45) | - |
| 7 year floating rate wholesale bonds Deferred funding costs | 7,340 (126) | - |
| 20,862 | - | |
| Accrued interest | 258 | - |
| Carrying value of wholesale bonds | 21,120 | - |
| Current portion | (258) | - |
| Non-current portion | 20,862 | - |
| Total | 21,120 | - |
$100 million of wholesale bonds were issued on 20 December 2011 to institutional investors, as secured unit obligations of Powerco Limited. The bonds consist of a $65 million 7 year fixed rate tranche and a $35 million 7 year floating rate tranche. Both tranches mature on 20 December 2018. The interest rate on the fixed tranche is 6.31% per annum payable semi-annually, with a floating rate bonds pay interest quarterly at the 90 day bank bill rate plus a margin.
The wholesale bonds are secured against the network assets of the Company through the Security Trust Deed.
(c) US dollar private placement
| 31 March 2012 NZ$000 | 30 June 2011 NZ$000 | |
|---|---|---|
| 11 year US dollar private placement notes Adjustment for fair value of the interest rate and currency risk Deferred funding costs | 19,772 (4,892) (43) | 19,730 (4,180) (35) |
| 12 year US dollar private placement notes Adjustment for fair value of the interest rate and currency risk Deferred funding costs | 10,006 (3,479) (159) | 10,083 (3,846) (71) |
| 13 year US dollar private placement notes Adjustment for fair value of the interest rate and currency risk Deferred funding costs | 22,549 (3,747) (75) | 22,971 (4,490) (87) |
| 9 year US dollar private placement notes Adjustment for fair value of the interest rate and currency risk Deferred funding costs | 19,385 612 (115) | 19,203 (1,686) (128) |
| 12 year US dollar private placement notes Adjustment for fair value of the interest rate and currency risk Deferred funding costs | 23,981 (1,228) (147) | 24,004 (1,409) (158) |
| 15 year US dollar private placement notes Adjustment for fair value of the interest rate and currency risk Deferred funding costs | 22,116 1,491 (128) | 22,137 (1,055) (145) |
| Accrued interest | 737 | 893 |
| Carrying value of the US dollar private placement | 119,272 | 111,537 |
| Current portion | 737 | 893 |
| Non-current portion | 118,535 | 110,644 |
| Total | 119,272 | 111,137 |
A US dollar private placement note issue took place on 25 November 2003 to private US investors. The US dollar private placement notes are debt obligations of the Company. The coupon payments are semi-annual and the notes mature on 25 November 2014 (11 year), 25 November 2015 (12 year), and 25 November 2016 (13 year). The notes are secured against the network assets of the Company through the Security Trust Deed.
The interest rates on the notes are fixed until maturity:
- 11 year US dollar private placement notes: 5.47%
- 12 year US dollar private placement notes: 6.57%
A further US dollar private placement note issue took place on 7 June 2011 to private US investors. The US dollar private placement notes are debt obligations of the Company. The coupon payments are semi-annual and the notes mature on 7 June 2020 (9 year), 7 June 2023 (12 year), and 7 June 2026 (15 year). The notes are secured against the network assets of the Company through the Security Trust Deed.
The interest rates on the notes are fixed until maturity:
- 9 year US dollar private placement notes: 4.36%
- 12 year US dollar private placement notes: 4.56%
- 15 year US dollar private placement notes: 4.86%
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NZ Gazette 2012, No 132
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Powerco Gas Division Financial Statements
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💰 Finance & RevenueFinancial Statements, Wholesale Bonds, US Dollar Private Placement, Powerco, Gas Division