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Retrieving Data

Note 27: Unsecured Bank Loans

GROUP

PARENT

2014

$000

2013

$000

2014

$000

2013

$000

New Zealand dollar facilities

Repayment terms:

Less than one year

-

-

-

-

One to two years

 

-

-

-

-

Two to five years

 

43,800

-

43,800

-

Over five years

 

101,082

112,338

101,082

112,338

Facility establishment costs

 

(2,780)

(3,355)

(2,780)

(3,355)

 

 

142,102

108,983

142,102

108,983

Weighted average interest:

One to two years

-

-

-

-

Two to five years

 

4.1%

-

4.1%

-

Over five years

 

3.9%

3.5%

3.9%

3.5%

 

 

4.0%

3.5%

4.0%

3.5%

Australian dollar facilities

Repayment terms:

Less than one year

235,203

224,176

-

-

One to two years

 

-

127,033

-

-

Two to five years

 

172,126

-

-

-

Over five years

 

173,089

-

-

-

Facility establishment costs

 

-

-

-

-

 

 

580,418

351,209

-

-

Weighted average interest:

Less than one year

3.5%

4.2%

-

-

One to two years

 

-

3.8%

-

-

Two to five years

 

3.7%

-

-

-

Over five years

 

5.2%

-

-

-

 

 

4.1%

4.1%

-

-

Total bank loans

722,520

460,192

142,102

108,983

Current portion

193,508

24,908

-

-

Non-current portion

 

529,012

435,284

142,102

108,983

 

 

722,520

460,192

142,102

108,983

Interest rates paid during the year ranged from 3.0% to 5.4%.

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 one to two years
(ii) $75,000,000 revolving loan expiring in two to five years
(iii) $59,416,000 table loan maturing in over five years
(iv) $41,667,000 table loan maturing in over five years
(v) AUD 75,000,000 revolving loan expiring in two to five years
(vi) AUD 125,000,000 revolving loan expiring in two to five years
(vii) AUD 220,000,000 revolving loan expiring in under one year
(viii) AUD 171,900,000 table loan maturing in over 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), (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 $138,095,000. 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 the previous page for requirements).

Subsequent to balance date the Group has accepted offers to refinance the AUD 220,000,000 facility expiring in under one year. This facility is currently being extended in two new facilities, both maturing within two to five years, and totalling AUD 220,000,000. The condition that the facility must be repaid if Snowtown South Wind Farm Pty Ltd is sold has been removed. No other terms or conditions are materially different from the existing facility.

The fair value of these bank loans is not materially different to the carrying values on the previous page.