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Retrieving Data

Note 29: Unsecured Senior Bonds

GROUP

PARENT

2014

$000

2013

$000

2014

$000

2013

$000

Repayment terms and interest:

Maturing in December 2014, 7.6% p.a. fixed coupon rate

75,000

75,000

75,000

75,000

Maturing in December 2016, 8.0% p.a. fixed coupon rate

 

65,000

65,000

65,000

65,000

Maturing in December 2017, 7.1% p.a. fixed coupon rate

 

75,000

75,000

75,000

75,000

Bond issue costs

 

(1,502)

(2,162)

(1,502)

(2,162)

 

 

213,498

212,838

213,498

212,838

Current portion

75,000

-

75,000

-

Non-current portion

 

138,498

212,838

138,498

212,838

 

 

213,498

212,838

213,498

212,838

The Group has entered a Master Trust Deed dated 30 October 2009 (the Trust Deed) with respect to its senior bonds, which with limited exceptions does not permit the Group to grant any security interest over its assets. The Trust Deed requires the Group to operate within defined performance and debt gearing ratios. The arrangements under the Trust Deed may also create restrictions over the sale or disposal of certain assets unless the senior bonds are repaid or renegotiated.

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

The unsecured senior bonds rank equally with bank loans (note 27).

At 31 March 2014 the senior bonds had a fair value of $225,134,000 (31 March 2013: $230,681,000). They have been classified within the fair value hierarchy as level 1, see note 40 for a definition of the levels.