Short-term borrowings at March 31, 1994 and 1995 comprise:
------------------------------------------------------------------------------------------------------------------------------------
In thousands of
In millions of yen U.S. dollars
---------------------------- -------------
March 31 1994 1995 1995
------------------------------------------------------------------------------------------------------------------------------------
Loans, principally from banks, including bank overdrafts
(average interest rate of 3.11% at March 31, 1994 and
3.17% at March 31, 1995):
Secured ...........................................................................Y 5,755 Y 3,331 $ 38,287
Unsecured ......................................................................... 578,531 604,205 6,944,885
Commercial paper (interest rates of 3.40% to 3.69%
at March 31, 1994 and 6.21% to 6.32% at March 31, 1995) .......................... 11,344 12,013 138,081
------------------------------------------------------------------------------------------------------------------------------------
Y 595,630 Y 619,549 $ 7,121,253
------------------------------------------------------------------------------------------------------------------------------------
Long-term debt at March 31, 1994 and 1995 comprises:
------------------------------------------------------------------------------------------------------------------------------------
In thousands of
In millions of yen U.S. dollars
---------------------------- -------------
March 31 1994 1995 1995
------------------------------------------------------------------------------------------------------------------------------------
Loans, principally from banks and insurance companies,due 1994 to 2025 with
interest rates of 2.43% to 9.60% at March 31, 1994 and 1995:
Secured ...........................................................................Y 153,215 Y 84,173 $ 967,506
Unsecured ......................................................................... 290,118 348,502 4,005,770
5.6% to 7.15% unsecured yen bonds due 1995 to 2007 issued in the Euromarket ........ 230,000 230,000 2,643,678
2.5% to 5.4% unsecured yen debentures due 1995 to 1999 ............................. 100,000 100,000 1,149,425
Floating rate unsecured yen notes due 1997 and 1998 issued in the Euromarket ....... 30,000 30,000 344,828
2.1% unsecured yen convertible debentures due 1998, convertible currently
at Y1,414.10 for one common share, redeemable before due date .................... 95,044 95,044 224,621
1.8% unsecured yen convertible debentures due 2002, convertible currently
at Y2,066.80 for one common share, redeemable before due date .................... 19,542 19,542 1,092,460
1.9% unsecured yen convertible debentures due 2004, convertible currently
at Y1,962.90 for one common share, redeemable before due date .................... 118,527 118,527 1,362,379
1.7% unsecured yen convertible debentures due 1999, convertible currently
at Y976.00 for one common share, redeemable before due date ...................... ----- 30,000 344,828
1.9% unsecured yen convertible debentures due 2001, convertible currently
at Y976.00 for one common share, redeemable before due date ...................... ----- 40,000 459,770
1.0% unsecured Swiss Francs convertible notes (Swiss Francs 500,000 thousandム1995)
due 1999, convertible currently at Y976.00 for one common share,
redeemable before due date ....................................................... ----- 38,715 445,000
3.1% unsecured yen convertible debentures due 1995, convertible currently
at Y1,291.90 for one common share, redeemable before due date .................... 6,912 ----- -----
Other unsecured convertible bonds, due 1996 to 2000 with
interest rates of 2.875%, 5.25% and 5.75% ........................................ 1,018 523 6,011
3.9% unsecured yen bonds due 1994 with warrants .................................... 50,000 ----- -----
4.875% unsecured bonds of U.S.$350,000 thousand due 1994 with warrants ............. 36,452 ----- -----
1.125% and 3.0% unsecured convertible notes issued by
consolidated subsidiaries due 1997 and 2000 ...................................... 6,245 4,769 54,816
6.7% mortgage yen debentures issued by a consolidated subsidiary due 1997 .......... 500 500 5,747
Other .............................................................................. 2,692 1,179 13,552
------------------------------------------------------------------------------------------------------------------------------------
1,140,265 1,141,474 13,120,391
Unamortized (discount) premium, net ................................................ 541 1,566 18,000
------------------------------------------------------------------------------------------------------------------------------------
1,140,806 1,143,040 13,138,391
Less--Portion due within one year .................................................. 184,506 175,734 2,019,931
------------------------------------------------------------------------------------------------------------------------------------
Y 956,300 Y 967,306 $11,118,460
------------------------------------------------------------------------------------------------------------------------------------
The following are pledged as security for short-term borrowings and long-term debt at March 31, 1995:
------------------------------------------------------------------------------------------------------------------------------------
In thousands of
Description In millions of yen U.S. dollars
------------------------------------------------------------------------------------------------------------------------------------
Current notes and accounts receivable .............................................. Y 3,841 $ 44,149
Marketable securities--Noncurrent .................................................. 41 471
Long-term receivables, trade ....................................................... 12,910 148,391
Property, plant and equipment (net book value) ..................................... 176,956 2,033,977
------------------------------------------------------------------------------------------------------------------------------------
The mortgage debentures at March 31, 1995 are secured by mortgages on designated fixed assets of which the book value at March 31, 1995 amounts to 3,560 million yen ($40,920 thousand).
Floating rate unsecured yen notes issued in the Euromarket comprise three notes each of 10,000 million yen. The interest rates thereon in the particular interest period are 0.l percent, 0.25 percent and 0.375 percent above the three-month Euro-yen deposit rate in the London interbank market as defined in the agreements. Holders of notes paying the 0.1 percent premium and 0.375 percent premium have rights allowing them to convert into a fixed rate until the date which is five business days prior to April 10, 1996 and March 18, 1997, respectively.
The 2.1 percent and 1.8 percent unsecured yen convertible debenture agreements stipulate, among other things, that (1) the company is required to deposit with a designated bank, as a sinking fund payment, amounts adjusted for redemptions and conversions made to the dates specified in the agreements and (2) certain restrictions are placed on the payment of dividends.
The 1.9 percent unsecured yen convertible debenture agreement stipulates, among other things, that the company is required to deposit with a designated bank, as a sinking fund payment, amounts adjusted for redemptions and conversions made to the dates specified in the agreement.
The sinking fund payments, adjusted for the conversions made to March 31, 1995, are as follows:
------------------------------------------------------------------------------------------------------------------------------------
Sinking fund payments
---------------------------------------------------------------------------------------------------------------------
Amount of each payment
--------------------------------------------
Convertible In thousands of
debentures Date In millions of yen U.S. dollars
------------------------------------------------------------------------------------------------------------------------------------
1.8% March 31, 1996 .................................................... Y 3,044 $ 34,989
March 31, 1997 and 1998 ........................................... 8,000 91,954
March 31, 1999, 2000 and 2001 ..................................... 12,000 137,931
------------------------------------------------------------------------------------------------------------------------------------
1.9% March 31, 1998 .................................................... 8,527 98,011
March 31, 1999 and 2000 ........................................... 10,000 114,943
March 31, 2001, 2002 and 2003 ..................................... 14,000 160,920
------------------------------------------------------------------------------------------------------------------------------------
The estimated fair values of the warrants at the time of issuances for bonds with detachable warrants were credited to additional paid-in capital with corresponding charges to bond discounts. These discounts, which were netted against the face amount of the bonds, are being amortized over the lives of the bonds.
At March 31, 1995, an aggregate of 140,471 thousand shares of common stock would have been issuable upon conversion of all convertible debt of the parent company.
The company has basic agreements with lending banks to the effect that, with respect to all present or future loans with such banks, the company shall provide collateral (including sums on deposit with such banks) or guarantors therefor immediately upon the bank's request and that any collateral furnished, pursuant to such agreements or otherwise, will be applicable to all indebtedness to such banks.The mortgage debenture agreements also contain provisions which permit the lenders to require additional collateral.
Certain of the loan agreements provide, among other things, that the company submits to the lenders (upon their request) for approval its proposed appropriation of income (including dividends) before such appropriation can be submitted to the shareholders for approval.
Annual maturities and sinking fund requirements on long-term debt during the five years ending March 31, 2000 are as follows:
------------------------------------------------------------------------------------------------------------------------------------
In thousands of
Year ending March 31 In millions of yen U.S. dollars
------------------------------------------------------------------------------------------------------------------------------------
1996 ................................................................. Y 178,778 $ 2,054,920
1997 ................................................................. 140,181 1,611,276
1998 ................................................................. 196,198 2,255,149
1999 ................................................................. 201,861 2,320,241
2000 ................................................................. 154,613 1,777,161
------------------------------------------------------------------------------------------------------------------------------------
