Terms of the facilities
2010 2009
$’000 $’000
Unrestricted access was available at statement of financial position date to the following:
Bank and loan facilities
Used 370,306 469,844
Unused 393,971 247,510
Total facility 764,277 717,354
Cash advances
Multi-currency corporate debt facility
As at 30 June 2010, the Group has a multi-currency corporate debt facility totalling $239,000,000 with Australia and New Zealand Banking Group Limited,
Westpac Banking Corporation, The Hongkong & Shanghai Banking Corporation Limited, New Zealand Branch, Calyon Australia Limited, Mizuho Corporate
Bank Limited, WestLB AG, Sydney Branch, Bank of America, National Association, JPMorgan Chase Bank, N.A. and the Bank of Tokyo-Mitsubishi UFJ, Ltd.
During the year ended 30 June 2010 the Group negotiated a US$25,000,000 facility with Bank of America, National Association maturing in December
2011, A$25,000,000 facility with the Bank of Tokyo-Mitsubishi UFJ, Ltd. maturing in December 2011 and an A$30,000,000 facility with JPMorgan Chase
Bank, N.A maturing in May 2013. The facility with The Hongkong & Shanghai Banking Corporation Limited, New Zealand Branch for NZ$12,000,000
matures in July 2011. Tranche B for A$60,000,000 matured in July 2010 and Tranche C for A$84,800,000 matures in July 2012.
United States dollar corporate debt facility
As at 30 June 2010, the Group has a US$215,950,000 corporate debt facility with Australia and New Zealand Banking Group Limited, Westpac Banking
Corporation, HSBC Bank Australia Limited, Calyon Australia Limited, Mizuho Corporate Bank Limited and the Royal Bank of Scotland plc, Australian Branch.
This facility matures in January 2012. This was reduced from US$367,500,000 following the completion of the Issue of the Loan Notes under the United
States Private Placement.
Bank overdraft and money market lines
These facilities total $20,000,000 for the Australia and New Zealand and US$12,189,966 for United States are used for the day-to-day working capital
requirements of the business.
Chilean Peso revolving facility agreement
This facility is for the Chilean peso equivalent of US$12,000,000 with HSBC on a floating rate basis.
United States Private Placement (USPP)
As at 30 June 2010, the Group had US$170,000,000 of long-term senior unsecured notes (Senior Notes) to institutional investors in the US private
placement (USPP) debt market. The Issue was completed on 29 December 2009 (United States time) at a weighted average coupon rate of 5.99 per cent.
US$20,000,000 at an all-in rate of 5.00 per cent was issued for 5 years, US$50,000,000 at an all-in rate of 5.77 per cent was issued for 7 years and
US$100,000,000 at an all-in interest rate of 6.29 per cent was issued for 10 years.
Mandatory Convertible Note (MCN)
In September 2005, Transfield Services (New Zealand) Limited (TSNZ) issued a MCN to ANZ National Bank (ANZ) for NZ$160,000,000. The term of the
MCN is seven years with fixed-interest coupons of 6.97 per cent payable by TSNZ semi-annually in arrears. The funds raised by TSNZ from the issue of the
MCN were applied to repay the short-term bridging facility taken out at the time of the AREVA acquisition. At the same time, Transfield Services
(International) Pty Limited (TSIPL) entered into (and paid for) a forward-purchase agreement for NZ$101,800,000 with ANZ under which TSIPL will acquire
the MCN from ANZ shortly before the MCN is due to convert to equity.
Security C onsolidated
2010 2009
$’000 $’000
Total secured liabilities (current and non-current) are:
Lease liabilities 17,156 16,826
Lease liabilities are effectively secured as the rights to the leased assets recognised in the financial statements revert to the lessor in the event of default.