71 ―
19. Borrowings continued Bank facilities
New floating rate bank facilities were added as part of our debt management activities.
Capital bonds
Capital bonds of $307.2 million are subordinated bonds with the next election date set as 15 June 2022. The interest rate was f ixed at 5.7% at the previous election date of 15 June 2017.
Wholesale bonds
$240.0 million of f ixed rate wholesale bonds were issued at a f ixed rate of 4.996% maturing in March 2024.
DATE ISSUED AMOUNT
AMOUNT ISSUED USD
DATE OF MATURITY
Senior notes
ISSUED NZD
March 2020 $797.1 million USD $500.0 million
$573.9 million (USD $360.0 million) matures in Oct 2032 and $223.2 million (USD $140.0 million) matures in Oct 2035.
October 2017 $415.8 million $300.0 million $277.2 million (USD $200 million) matures in October 2027. $138.6 million (USD $100.0 million) matures in October 2029.
October 2014 $150.0 million $130.0 million $150.0 million (USD $130.0 million) matures in October 2021.
December 2010
$250.5 million $182.0 million $250.5 million (USD $182.0 million matures in December 2022.
September 2004
$296.6 million $195.0 million $296.6 million (USD $195.0 million) repaid in September 2019.
Floating rate notes
The $350.0 million floating rate notes are credit wrapped by MBIA Insurance Corporation. These will be ref inanced as part of our ongoing debt management activities.
Senior bonds
In May 2019, Vector issued $250.0 million of senior bonds at a f ixed rate of 3.45% maturing in May 2025.
Covenants
All borrowings are unsecured and are subject to negative pledge arrangements and various lending covenants. These have all been met for the years ended 30 June 2020 and 30 June 2019.
Notes to the Financial Statements
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