Bridgestone 2002 Annual Report Download - page 36

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34
General agreements with respective banks provide, as is custom-
ary in Japan, that additional collateral must be provided under cer-
tain circumstances if requested by such banks and that certain
banks have the right to offset cash deposited with them against any
long-term or short-term debt or obligation that becomes due and,
in case of default and certain other specified events, against all
other debt payable to the banks. The Company has never been
requested to provide any collateral.
The 1.9% unsecured yen convertible bonds with ¥60,000 million
of principal amounts were issued on October 21, 1988. The bonds
are subject to conversion currently at ¥1,334 ($11.13) for one
share of the common stock of the Company from December 1,
1988 to December 30, 2003. At December 31, 2002, 1,859 thou-
sand additional shares of common stock of the Company would
have been issued upon full conversion at the current conversion
price. The bonds are redeemable, at the option of the Company, in
whole or in part at 100% of the principal amount plus interest
accrued.
Long-term debt at December 31, 2002 and 2001 consists of the following:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Borrowings from banks, insurance companies and others, denominated
primarily in Japanese yen, U.S. dollar and European currencies:
Secured ¥2,868 ¥6,519 $23,920
Unsecured 300,710 515,077 2,508,007
1.6% yen convertible bonds, due 2002 —16 —
1.9% yen convertible bonds, due 2003 2,480 2,480 20,684
Unsecured Euro Medium-Term Notes, due 2003 with interest
ranging from 0.0% to 0.7% at December 31, 2002 and from
0.1% to 1.0% at December 31, 2001 13,715 8,844 114,387
1.7% yen unsecured straight bonds due 2007 20,000 20,000 166,805
2.0% yen unsecured straight bonds due 2010 30,000 30,000 250,208
Total 369,773 582,936 3,084,011
Less current portion (81,113) (148,276) (676,505)
Long-term debt, less current portion ¥288,660 ¥434,660 $2,407,506
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Short-term bank loans, weighted average interest rate of 2.8%
at December 31, 2002 and 3.4% at December 31, 2001 ¥99,977 ¥180,871 $833,836
Commercial paper, weighted average interest rate of 3.5%
at December 31, 2002 and 3.7% at December 31, 2001 419 2,039 3,495
Total ¥100,396 ¥182,910 $837,331
NOTE 6—SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Short-term borrowings at December 31, 2002 and 2001 consist of the following:
Thousands of
Year ending December 31, Millions of yen U.S. dollars
2003 ¥81,113 $ 676,505
2004 149,371 1,245,797
2005 16,283 135,805
2006 11,562 96,430
2007 25,580 213,344
2008 and thereafter 85,864 716,130
Total ¥369,773 $3,084,011
Annual maturities of long-term debt at December 31, 2002 are as follows: