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Retrieving Data

Note 26: Unsecured Bank Loans

GROUP PARENT
 
2013
$000
2012
$000
2013
$000
2012
$000
New Zealand dollar facilities
Repayment terms:
Less than one year
One to two years - - - -
Two to five years - - - -
Over five years 112,338 123,593 112,338 123,593
Facility establishment costs (3,355) (3,988) (3,355) (3,988)
108,983 119,605 108,983 119,605
Weighted average interest:
One to two years - - - -
Two to five years - - - -
Over five years 3.5% 3.5% 3.5% 3.5%
3.5% 3.5% 3.5% 3.5%
Australian dollar facilities
Repayment terms:
Less than one year 224,176 - - -
One to two years 127,033 188,835 - -
Two to five years - - - -
Over five years - - - -
Facility establishment costs - - - -
351,209 188,835 - -
Weighted average interest:
Less than one year 4.2% - - -
One to two years 3.8% 5.6% - -
Two to five years - - - -
Over five years - - - -
4.1% 5.6% - -
Total bank loans 460,192 308,440 108,983 119,605
Current portion 24,908 - - -
Non-current portion 435,284 308,440 108,983 119,605
460,192 308,440 108,983 119,605
           
Interest rates paid during the year ranged from 2.9% to 6.2%.The Group has the following loan facilities with interest priced at between call and 180 day rates:(i) $100,000,000 revolving loan expiring in two to five years
(ii) $75,000,000 revolving loan expiring in two to five years
(iii) $67,338,000 table loan maturing in over five years
(iv) $45,000,000 table loan maturing in over five years
(v) AUD 180,000,000 revolving loan expiring in under one year
(vi) AUD 194,800,000 revolving loan expiring in one to two years
(vii) AUD 220,000,000 revolving loan expiring in one to two 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), (v), (vi) and (vii) 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 $148,806,000. There are no costs to cancel the facility.
  • Facility (vii) must be repaid if Snowtown South Wind Farm Pty Ltd is sold.
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 AUD 20,000,000 to AUD 200,000,000. This facility is currently being documented and will mature in two to five years.

On 30 April 2013 the Group entered into an AUD 171,900,000 table loan maturing in over five years.