2008 Annual report - Sappi

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Notes to the group annual financial statements // continued for the year ended September 2008 20. Interest-bearing borrowings (continued) Set out below are details of the more significant non-current interest-bearing borrowings in the group at September 2008. Principal Balance Interest amount sheet Security/ Financial Currency rate (9) outstanding value Cession Expiry covenants Redeemable bonds Public bond US$ Variable (7) US$500 million US$490 million (2,3,6) Unsecured June 2012 No financial covenants Public bond US$ Variable (7) US$250 million US$239 million (2,3,6) Unsecured June 2032 No financial covenants Town of US$ Variable (7) US$35 million US$35 million (6) Land and October 2015 No financial Skowhegan buildings covenants (partially) Town of US$ Variable (7) US$28 million US$28 million (6) Land and November 2013 No financial Skowhegan buildings covenants (partially) Michigan US$ Variable (7) US$44 million US$45 million (6) Land and January 2022 No financial Strategic buildings covenants Fund and (partially) City of Westbrook Public bond ZAR Fixed ZAR1,000 million ZAR1,000 million Unsecured June 2013 No financial covenants Public bond ZAR Fixed ZAR1,000 million ZAR999 million Unsecured October 2011 No financial covenants Bravura/ ZAR Fixed ZAR109 million ZAR109 million Unsecured November 2012 No financial Sanlam covenants Bravura/ ZAR Fixed ZAR108 million ZAR108 million Unsecured January 2013 No financial Sanlam covenants Bravura/ ZAR Fixed ZAR27 million ZAR27 million Unsecured March 2013 No financial Sanlam covenants Secured loans State Street EUR Variable EUR150 million EUR150 million Trade Revolving facility EBITDA to net Bank (10) receivables interest and net debt to capitalistion (5) State Street US$ Variable US$73 million US$73 million Trade Revolving facility EBITDA to net Bank (10) receivables interest and net debt to capitalistion (5) State Street US$ Variable US$68 million US$68 million Trade Revolving facility EBITDA to net Bank (10) receivables interest and net debt to capitalistion (5) 126
sappi // 20. Interest-bearing borrowings (continued) Principal Balance Interest amount sheet Security/ Financial Currency rate (9) outstanding value Cession Expiry covenants Capitalised leases Standard ZAR Fixed ZAR45 million ZAR47 million (1) Plant and No financial Bank equipment October 2008 covenants Rand ZAR Fixed ZAR169 million ZAR169 million (1) Buildings September 2015 No financial Merchant covenants Bank Unsecured bank term loans BNP Paribas EUR Variable EUR100 million EUR100 million November 2008 No financial Syndication covenants BNP Paribas EUR Variable EUR25 million EUR25 million November 2008 No financial covenants Österreichische EUR Variable EUR58 million EUR58 million (1,8) March 2009 No financial Kontrollbank covenants Österreichische EUR Fixed EUR400 million EUR399 million (2,6,8) December 2010 EBITDA to net Kontrollbank interest and net debt to capitalistion (5) ABN AMRO US$ Fixed US$21 million US$21 million May 2009 No financial covenants Österreichische US$ Fixed US$38 million US$38 million (2,6,8) June 2010 EBITDA to net Kontrollbank interest and net debt to capitalistion (5) BNP Paribas CHF Variable CHF165 million CHF165 million (2,8) November 2008 EBITDA to net Syndication interest and net debt to capitalistion (5) Nedbank ZAR Fixed ZAR349 million ZAR349 million (1) January 2011 No financial covenants Commerzbank ZAR Fixed ZAR147 million ZAR147 million (1) March 2010 No financial covenants Calyon ZAR Variable ZAR55 million ZAR55 million (1,4) October 2009 EBITDA to net interest and net debt to capitalistion RZB Bank EUR Fixed EUR7 million EUR7 million December 2009 No financial covenants // 2008 Annual report 127
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annual report 2008
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sappi Our report in overview In pro
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sappi Our performance The group’s
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sappi Target Target Net debt to tot
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sappi Our score on the DJSI World D
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sappi People continued Our commitme
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sappi Our business structure Johann
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sappi Pulp Paper pulp is the main r
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sappi Ideas that matter Print remai
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sappi Objectives for 2009 Meaningf
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sappi Deenadayalen (Len) Konar // (
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sappi Divisional and corporate mana
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sappi We are of the opinion that su
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sappi input cost reductions across
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sappi Q // Will the integration of
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sappi Sappi Fine Paper Mills/ Capac
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sappi deliver excellent service and
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sappi Transaction funding overview
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sappi Sappi Forest Products Mills/
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sappi Demand and prices in the inte
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Risk management Our top risks These
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Risk management // continued Risk m
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Chief financial officer’s report
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Five year review Not restated for I
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Share statistics at September 2008
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Corporate governance We are committ
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Corporate governance // continued E
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Corporate governance // continued A
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Corporate governance // continued r
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Compensation report Compensation co
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Annual financial statements for the
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Directors’ approval The directors
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Page 80 and 81: Group income statement for the year
Page 82 and 83: Group cash flow statement for the y
Page 84 and 85: Group income statement in Rands con
Page 86 and 87: Group cash flow statement in Rands
Page 88 and 89: Notes to the group annual financial
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Notes to the group annual financial
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Condensed Sappi Limited company inc
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Condensed Sappi Limited company cas
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Notes to the condensed Sappi Limite
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Glossary General definitions bleach
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Glossary // continued Non-GAAP fina
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Notice to shareholders // continued
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Notice to shareholders // continued
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Shareholder’s diary Annual genera
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Notes to proxy The form of proxy mu
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Notes 1. To be effective, this form
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Notes 1. To be effective, this form
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www.sappi.com
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2008 Annual report - Sappi

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