Sony 2000 Annual Report Download - page 80

78
SONY CORPORATION ANNUAL REPORT 2000
A summary of the exercise rights of the detachable
warrants as of March 31, 2000 is as follows:
Issued on
August 16, 1996
October 13, 1997
August 17, 1998
August 23, 1999
Exercise price
Yen Dollars
¥3,511 $33
¥5,894 $56
¥6,264 $59
¥7,167 $68
Exercisable during
October 1, 1996
through
August 15, 2000
November 2, 1998
through
October 12, 2001
September 1, 1999
through
August 16, 2004
September 1, 2000
through
August 22, 2005
Status of exercise
950 warrants exercised;
50 warrants outstanding
701 warrants exercised;
1,049 warrants outstanding
152 warrants exercised;
1,848 warrants outstanding
2,000 warrants outstanding
Number of shares
per warrant
569 shares of
common stock of
Sony Corporation
339 shares of
common stock of
Sony Corporation
319 shares of
common stock of
Sony Corporation
279 shares of
common stock of
Sony Corporation
The conversion prices, exercise prices and the num-
ber of shares in the proceeding tables are restated for
all periods to reflect the two-for-one stock split that has
become effective on May 19, 2000.
On March 4, 1998, Sony Corporation issued unse-
cured 1.5 billion U.S. dollar Notes due 2003 with an
interest rate of 6.125%. By entering into several interest
rate and currency swap agreements and interest rate
swap agreements, Sony has effectively converted the
cash stream for these Notes into yen with fixed interest
rates of 1.287% to 1.515% per annum for ¥150,000
million principled amount and LIBOR plus 0.06997%
per annum for ¥43,425 million principled amount as of
March 31, 1999 and thereafter.
At March 31, 2000, property, plant and equipment
with a book value of ¥4,060 million ($38 million) was
mortgaged as collateral for loans and bonds issued by
consolidated subsidiaries.
Aggregate amounts of annual maturities of long-term
debt during the next five years are as follows:
Year ending March 31 Yen in millions Dollars in millions
2001 . . . . . . . . . . . . . ¥158,509 $1,496
2002 . . . . . . . . . . . . . 163,001 1,538
2003 . . . . . . . . . . . . . 226,288 2,135
2004 . . . . . . . . . . . . . 39,581 373
2005 . . . . . . . . . . . . . 309,938 2,924
At March 31, 2000, Sony had unused committed lines
of credit amounting to ¥346,070 million ($3,265 million)
and can borrow up to generally 90 days from the bank
with whom Sony has committed line contracts. Further-
more, Sony had Commercial Paper Programs, size of
which was ¥1,064,910 million ($10,046 million). At
March 31, 2000, the total outstanding balance of com-
mercial paper was ¥1,860 million ($17 million). In the
United States of America, Sony set up a ¥95,535 million
($901 million) accounts receivable financing facility to
enhance its short-term financing capacity. Under those
programs and the facility, Sony can issue commercial
papers and sell receivables for the period not in excess
of generally 270 days up to the size of the programs
and the facility. In addition, for non-current financing
purposes, Sony had Medium Term Notes programs, size
of which was ¥636,900 million ($6,008 million). At March
31, 2000, the total outstanding balance of Medium Term
Notes was ¥123,625 million ($1,166 million).
The basic agreements with certain banks in Japan
include provisions that collateral (including sums on
deposit with such banks) or guarantors will be fur-
nished upon the banks’ request and that any collateral
furnished, pursuant to such agreements or otherwise,
will be applicable to all present or future indebtedness
to such banks.