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55 Sharp Annual Report 2008
5. Short-term Borrowings and Long-term Debt
The weighted average interest rates of short-term borrowings
as of March 31, 2007 and 2008 were 3.4% and 1.9%,
respectively. The Company and its consolidated subsidiaries
have had no difficulty renewing such loans when they have
considered such renewal advisable.
Bank loans........................................................................................................
Bankers’ acceptances payable .........................................................................
Commercial paper.............................................................................................
Current portion of long-term debt......................................................................
$ 1,213,525
101
1,597,657
464,757
$ 3,276,040
¥ 120,139
10
158,168
46,011
¥ 324,328
¥ 118,910
36
22,865
98,927
¥ 240,738
Long-term debt as of March 31, 2007 and 2008 consisted of the following:
0.0%—12.1% unsecured loans principally from banks, due 2007 to 2018........
0.57% unsecured straight bonds, due 2007 .....................................................
0.62% unsecured straight bonds, due 2010 .....................................................
0.97% unsecured straight bonds, due 2012 .....................................................
0.00%
unsecured convertible bonds with subscription rights to shares, due 2013
...
0.32%—1.18% unsecured Euroyen notes issued by
aconsolidated subsidiary, due 2007 to 2013 ..................................................
6.00% mortgage loans for employees housing from a
government-sponsored agency, due 2007 to 2009.........................................
0.48%—1.54% payables under securitized lease receivables, due 2007 to 2014 ..
Less-Current portion included in short-term borrowings....................................
$ 1,217,051
—
303,030
202,020
2,059,859
74,838
—
442,232
4,299,030
(464,757)
$ 3,834,273
¥ 120,488
—
30,000
20,000
203,926
7,409
—
43,781
425,604
(46,011)
¥ 379,593
¥ 106,260
50,000
30,000
20,000
204,643
15,020
1
33,768
459,692
(98,927)
¥ 360,765
200820082007
Yen
(millions) U.S. Dollars
(thousands)
200820082007
Yen
(millions) U.S. Dollars
(thousands)
The following is a summary of the terms for conversion and redemption of the convertible bonds with subscription rights to shares:
0.00% unsecured convertible bonds with subscription rights to shares, due 2013 ..................................................... ¥ 2,531.00
Conversion price
Short-term borrowings, including current portion of long-term debt, as of March 31, 2007 and 2008 consisted of the following:
The conversion price is subject to adjustment for certain
subsequent events such as the issue of common stock at less
than market value and stock splits.
If all convertible bonds with subscription rights to shares
were converted as of March 31, 2007 and March 31, 2008,
79,020 thousand shares and 79,018 thousand shares of
common stock would have been issuable, respectively.
As is customary in Japan, substantially all of the bank
borrowings are subject to general agreements with each bank
which provide, among other things, that security and
guarantees for present and future indebtedness will be given
upon request of the bank and that any collateral so furnished