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Retrieving Data

Note 25

For The Year Ended 31 March 2012

UNSECURED BANK LOANS

GROUP PARENT
2012 2011 2012 2011
    $000 $000 $000 $000
New Zealand dollar facilities  
Repayment terms:  
One to two years   - 31,900 - 31,900
Two to five years   - - - -
Over five years   123,593 105,432 123,593 105,432
Facility establishment costs   (3,988) (4,632) (3,988) (4,632)
  119,605 132,700 119,605 132,700
Weighted average interest:  
One to two years   - 3.1% - 3.1%
Two to five years   - - - -
Over five years   3.5% 3.5% 3.5% 3.5%
  3.5% 3.4% 3.5% 3.4%
Australian dollar facilities  
Repayment terms:  
Less than one year   - - - -
One to two years   188,835 - - -
Two to five years   - 203,627 - -
Over five years   - - - -
Facility establishment costs   - - - -
  188,835 203,627 - -
Weighted average interest:  
Less than one year   - - - -
One to two years   5.6% - - -
Two to five years   - 6.1% - -
Over five years   - - - -
  5.6% 6.1% - -
 
Total bank loans   308,440 336,327 119,605 132,700
 
Current portion   - - - -
Non-current portion   308,440 336,327 119,605 132,700
    308,440 336,327 119,605 132,700
           

Interest rates paid during the year ranged from 2.7% to 6.3%.

The Group has the following loan facilities with interest priced at between call and 180 day rates:

(i) $125,000,000 revolving loan expiring in under one year

(ii) $250,000,000 revolving loan expiring in two to five years

(iii) $75,260,000 table loan maturing in nine years

(iv) $48,333,000 table loan maturing in fourteen years

(v) AUD 180,000,000 revolving loan expiring in two to five years

Where drawn facilities mature within one year and the Group has an unconditional right to refinance the loans through undrawn facilities with the same lenders with maturity dates of greater than one year from the end of the reporting period, the loan is considered non-current.

All of the Group’s borrowings are unsecured. The Group borrows under a negative pledge arrangement with its bank loan providers, which with limited exceptions does not permit the Group to grant any security interest over its assets. The negative pledge deed requires the Group to maintain certain levels of shareholders’ funds and operate within defined performance and debt gearing ratios. The banking arrangements may also create restrictions over the sale or disposal of certain assets unless the bank loans are repaid or renegotiated, specifically:

 

  • Facilities (i), (ii) and (v) require a continuation of the existing business operations. There are no costs to cancel the facilities.
  • Facility (iii) requires continued ownership by the Group of at least 30% in relation to Tararua Stage III wind generation assets with a book value of $158,080,000. There are no costs to cancel the facility.

Throughout the period the Group has complied with all debt covenant requirements as imposed by lenders (see above for requirements).

Subsequent to balance date the Group has accepted offers to refinance the facility expiring in under one year and extend it by $50,000,000 to $175,000,000. This facility is currently being documented and will mature in two to five years.