National Grid 2008 Annual Report Download - page 331

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 21989
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 125
Description: EXH 2(B).6.1
0/1729.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/729/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 21989
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 125 Description: EXH 2(B).6.1
0/1729.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/729/1*
the bonds throu
g
h maturity or first call date. This assumed debt may not exceed 60 percent of total capitalization or the rates on
the debt will increase by 0.20 percent, and the debt may not exceed 70 percent of total capitalization or the bondholders may
declare bonds due and payable. At March 31, 2007, total debt was approximately 11 percent of total capitalization.
Narra
g
ansett will continue to comply with all requirements under the first mort
g
a
g
e indenture until all bonds have been
redeemed or mature.
Massachusetts Electric
Substantially all of the properties and franchises of the Company are subject to the lien of mort
g
a
g
e indentures under which the
first mortgage bonds have been issued.
Granite State Electric
The Company’s long-term debt covenants provide for certain restrictive covenants and acceleration clauses. These covenants
stipulate that note holders may declare the debt to be due and payable if total
F-40
At March 31
Series Rate % Maturit
y
2007 2006
(In thousands
)
First Mortgage Bonds:
V(96-l) 6.780 November 20, 2006 $ — $ 20,000
T
(
93-7
)
6.660 June 23, 2008 5,000 5,000
T(93-8) 6.660 June 30, 2008 5,000 5,000
T
(
93-10
)
6.110 Se
p
tember 8, 2008 10,000 10,000
T(93-ll) 6.375 November 17, 2008 10,000 10,000
V
(
98-3
)
5.720 November 24, 2008 25,000 25,000
V(97-l) 7.390 October 1, 2027 15,000 15,000
V
(
98-l
)
6.910 Januar
y
12, 2028 20,000 20,000
V(98-2) 6.940 January 12, 2028 5,000 5,000
Pollution Control Revenue Bonds:
2004 Variable August 1, 2008 20,000 20,000
2004 Variable August 1, 2014 20,000 20,000
Unamortized discounts
(
485
)
(
587
)
Total lon
g
-term debt 134,515 154,413
Long-term debt due within one year — 20,000
Total long-term debt, excluding current
p
ortion $134,515 $ 134,413
At March 31
Series Rate % Maturit
y
2007 2006
(In thousands
)
Note 7.370 November 1, 2023 $ 5,000 $ 5,000
Note 7.940 Jul
y
1, 2025 5,000 5,000
Note 7.300 June 15, 2028 5,000 5,000
Total long-term debt $ 15,000 $ 15,000