Woodside Petroleum Ltd|Financial Statements 119
NOTES TO THE FINANCIAL STATEMENTS C. DEBT AND CAPITAL
for the year ended 31 December 2018
C.2 Interest-bearing liabilities and
financing facilities (cont.)
Maturity proﬁle of interest-bearing liabilities
The table below presents the contractual undiscounted cash
ﬂows associated with the Group’s interest-bearing liabilities,
representing principal and interest. The ﬁgures will not necessarily
reconcile with the amounts disclosed in the consolidated
statement of ﬁnancial position.
Due for payment in:
1 year or less
More than 5 years
Amounts exclude transaction costs.
The Group has 14 bilateral loan facilities totalling US$1,444 million
(2017: US$2,144 million). Details of bilateral loan facilities at the
reporting date are as follows:
facilities Term(years) Currency Extensionoption
Interest rates are based on USD LIBOR and margins are ﬁxed
at the commencement of the drawdown period. Interest is paid
at the end of the drawdown period. Evergreen facilities may be
extended continually by a year subject to the bank’s agreement.
On 3 July 2015, the Group executed an unsecured US$1,000 million
syndicated loan facility, which was increased to US$1,200 million
on 22 March 2016. On 15 November 2017, Woodside amended the
existing facility to a US$800 million facility comprising two equal
tranches, which now expire in July 2020 and July 2022. Interest
rates are based on USD LIBOR plus 0.9% and USD LIBOR plus
1.15% respectively. Interest is paid at the end of each
Japan Bank for International Cooperation (JBIC) facility
On 24 June 2008, the Group entered into a two tranche
committed loan facility of US$1,000 million and US$500 million
respectively. The US$500 million tranche was repaid in 2013.
There is a prepayment option for the remaining balance. Interest
rates are based on LIBOR. Interest is payable semi-annually in
arrears and the principal amortises on a straight-line basis, with
equal instalments of principal due on each interest payment date
(every six months).
Under this facility, 90% of the receivables from designated Pluto
LNG Project Sale and Purchase Agreements are secured in favour
of the lenders through a trust structure, with a required reserve
amount of US$30 million.
To the extent that this reserve amount remains fully funded
and no default notice or acceleration notice has been given, the
revenue from the Pluto LNG Project continues to ﬂow directly to
the Group from the trust account.
Medium term notes
On 28 August 2015, the Group established a US$3,000 million
Global Medium Term Notes Programme listed on the Singapore
Stock Exchange. Two notes have been issued under this program
as set out below:
Maturity date Currency
15 July 2022 USD Floatingthree
11 December 2023 CHF
The unutilised program is not considered to be an unused facility.
The Group has four unsecured bonds issued in the United States
of America as deﬁned in Rule 144A of the US Securities Act of 1933
as set out below:
10 May 2021
5 March 2025
15 September 2026
15 March 2028
Interest on the bonds is payable semi-annually in arrears.
C.3 Contributed equity
Recognition and measurement
Ordinary shares are classiﬁed as equity and recorded at the value
of consideration received. The cost of issuing shares is shown in
share capital as a deduction, net of tax, from the proceeds.
The Group’s own equity instruments, which are reacquired
for later use in employee share-based payment arrangements
(reserved shares), are deducted from equity. No gain or loss is
recognised in the income statement on the purchase, sale, issue
or cancellation of the Group’s own equity instruments.
(a) Issued and fully paid shares
Year ended 31 December 2018
Equity raising - ordinary shares issued at A$27.00
Share issue costs (net of tax) - ()
Amounts as at 31 December 2018
Year ended 31 December 2017
Opening and closing balance
All shares are a single class with equal rights to dividends, capital,
distributions and voting. The Company does not have authorised
capital nor par value in relation to its issued shares.