Toshiba 1998 Annual Report Download - page 46

44. Toshiba Corporation Annual Report 1998
8. SHORT-TERM BORROW INGS AND LONG-TERM DEBT:
Sh ort-term borrowings prim arily consist of overdrafts an d sh ort-term n otes in Euro yen, of wh ich ¥5,125 m illion
($38,826 thousan d) an d ¥3,866 m illion at March 31, 1998 and 1997, respectively, are secured by a pledge of certain
fixed assets an d fin ance receivables; th e rem ainin g balan ce of such short-term borrowings is un secured. Substantially
all of th e short-term borrowin gs are with banks wh ich have written basic agreemen ts with th e com pany to th e effect
th at, with respect to all present or future loans with such ban ks, the compan y sh all provide collateral (in cluding sum s
on deposit with such ban ks) or guarantors im m ediately upon th e ban k’s request and that any collateral furnished
pursuan t to such agreem en ts or otherwise will be applicable to all indebtedn ess to such ban ks.
The average in terest rate for short-term borrowings outstanding at March 31, 1998 and 1997 was approximately 2.3
percent and 1.8 percent, respectively.
Long-term debt at March 31, 1998 an d 1997 in cluded: Thousands of
Million s of yen U.S. dollars
March 31 1998 1997 1998
Loans, principally from ban ks an d insuran ce com panies,
due 1998 to 2028 with in terest ranging from 0.57 percen t
to 15.37 percen t at March 31, 1998 and
due 1997 to 2027 with in terest ranging from 0.65 percen t
to 15.37 percen t at March 31, 1997:
Secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 62,372 ¥ 71,486 $ 472,515
Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643,640 443,084 4,876,061
Un secured yen bon ds,
due 1999 to 2008 with in terest ranging from
1.25 percen t to 3.025 percent at March 31, 1998 and
due 1998 to 2006 with in terest ranging from
1.25 percen t to 3.4 percen t at March 31, 1997 . . . . . . . . . . . . . . . . 390,000 190,000 2,954,545
Zero percen t to 2.0 percent Euro yen m edium -term n otes
due 2001 to 2008
(swapped for LIBOR related or fixed rate yen obligations) . . . . . . . . 30,500 –231,061
6.75 percen t Euro U.S. dollar medium-term notes due 2008
(swapped for LIBOR related or fixed rate yen obligations) . . . . . . . 630 –4,773
JGB futures-linked series A an d B floating rate un secured Euro yen
bon ds of a subsidiary due 1998
(swapped for LIBOR related U.S. dollar obligation s) . . . . . . . . . . . . –8,886 –
3.1 percen t an d 2.8 percent un secured yen bonds
of subsidiaries due 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 10,000 75,757
Un secured convertible deben tures:
1.4 percen t yen deben tures due 1999 convertible curren tly
at ¥1,307 per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,004 149,004 1,128,818
1.8 percen t yen deben tures due 2002 convertible curren tly
at ¥724 per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,747 17,747 134,447
0.20 percen t to 15.00 percent at March 31, 1998 and
0.62 percen t to 6.85 percent at March 31, 1997
yen or U.S. dollar m edium -term n otes of subsidiaries
due 1998 to 2007 at March 31, 1998 an d
due 1997 to 2004 at March 31, 1997
(swapped for LIBOR related U.S. dollar obligation s) . . . . . . . . . . . . 76,009 33,646 575,826
1,379,902 923,853 10,453,803
Less – Portion due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . (367,552) (205,633) (2,784,485)
¥1,012,350 ¥ 718,220 $7,669,318