Annual Report 200460
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2004
Consolidated Santos Ltd
2004 2003 2004 2003
15. Interest-Bearing Liabilities $million $million $million $million
Current
Amounts owing to controlled entities – – 1,685.4 1,411.7
Long-term notes 43.7 45.4 – –
Bank loans 5.2 – – –
Other 1.0 – 1.0 –
49.9 45.4 1,686.4 1,411.7
The interest-bearing amounts owing to controlled entities are for loans made in the 
ordinary course of business on normal market terms and conditions for an indefinite period.
Non-current
Bank loans 222.7 – – –
Commercial paper 209.0 110.0 – –
Medium-term notes 20.0 20.0 – –
Long-term notes 757.8 833.3 – –
1,209.5 963.3 – –
Details of major credit facilities
(a) Bank loans
The Santos Group has access to the following committed revolving facilities:
Revolving facilities at 31 December 2004
Year of maturity Currency Amount
A$million
2005 Multi-currency 75.0
2006 Multi-currency 125.0
2008 Multi-currency 300.0
2009 Multi-currency 200.0
700.0
Revolving bank loans bear interest at the relevant interbank reference rate plus 0.25% to 0.43%. The amount drawn at 31 December 2004 
is $nil (2003: $nil).
Term facilities at 31 December 2004
Year of maturity Currency Amount Amount Drawn at
31 December 2004
A$million A$million
2005 USD 5.2 5.2
2006 USD 10.5 10.5
2007 USD 20.6 18.6
2008 USD 19.7 18.1
2009 USD 24.5 22.3
2010 USD 25.4 23.0
2011 USD 26.3 23.8
2012 USD 22.6 20.0
2013 USD 19.0 16.2
2014 USD 20.0 17.0
2015 USD 20.4 17.3
2016 USD 20.8 17.5
2017 USD 21.9 18.4
256.9 227.9
Drawdowns under the term loans are dependent upon expenditure for specific projects.
Term loans bear interest at the relevant interbank reference rate plus a margin of up to 0.75%. The amount drawn at 31 December 2004 
is US$177.5 million (A$227.9 million) at a weighted average annual effective interest rate of 2.70%.
(b) Commercial paper
The Santos Group has an A$800.0 million (2003: A$800.0 million) Australian commercial paper program supported by the revolving facilities
referred to in (a) above. At 31 December 2004, A$209.0 million (2003: A$110.0 million) of commercial paper is on issue and the weighted
average annual effective interest rate is 5.61% (2003: 5.50%).
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