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babcock & brown limited prospectus.pdf - Astrojapanproperty.com
babcock & brown limited prospectus.pdf - Astrojapanproperty.com
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APPENDIX A PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS<br />
27. INTEREST BEARING LIABILITIES<br />
2003<br />
$000<br />
Aircraft notes payable 505,888<br />
Real estate notes payable 341,617<br />
Secured by notes receivable 67,853<br />
Secured by investments in wind farm associates 23,393<br />
Margin loans 17,766<br />
Payable to NBB 10,680<br />
Payable to related parties 4,183<br />
Other 7,720<br />
979,100<br />
Current 293,633<br />
Non-current 685,467<br />
Aircraft Notes Payable<br />
979,100<br />
Babcock & Brown finances aircraft purchases with short-term and long-term borrowings from various banks.The<br />
notes payable are obligations of special purpose subsidiaries established to own aircraft.The lenders have recourse<br />
only to the assets of the subsidiaries and, in some cases, these notes are guaranteed by NBB. Interest accrues at<br />
fixed rates between 2.075% and 7.155%.The short-term notes are renewed monthly pending sale of the aircraft.<br />
The long-term notes mature at various times through 2011.<br />
Real Estate Notes Payable<br />
Babcock & Brown finances real estate purchase with medium- and long-term borrowings.The real estate notes<br />
payable are secured by various Babcock & Brown real estate properties.The 31 December 2003 balance consists<br />
of the following:<br />
(a) $275.9 million borrowing consisting of two notes payable secured by German real estate properties. Interest<br />
payable on the notes are European Interbank Offered Rate (EURIBOR) plus 1.10% and EURIBOR plus<br />
2.00%. Interest is due every year on each note with principal amortisation of 2% of the outstanding note<br />
balance commencing in June 2004. Final maturity is in 2013.<br />
(b) $17.3 million borrowing consisting of a note payable secured by Japanese real estate.The interest rate is<br />
3.909%. Principal is due at maturity in 2004.<br />
(c) $48.3 million borrowing secured by United Kingdom real estate.The interest rate is 6.39% and final note<br />
maturity is in 2026. Principal and interest are due quarterly.<br />
Secured by Notes Receivable<br />
Babcock & Brown has notes payable that are secured by notes receivable. Interest rates range from 6.69%<br />
to 8.37%.<br />
Secured by Investments in Associates with Wind Farm Investments<br />
Babcock & Brown has a note payable secured by investments in three wind farm projects located in the US.<br />
The interest rate is LIBOR plus 1.75%. Principal and interest are due quarterly with final maturity in 2011.<br />
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