226
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
12 LOANS AND BORROWINGS
(continued)
Terms and debt repayment schedule
Terms and conditions of outstanding loans and borrowings are as follows:
Nominal
interest rate
Year of
Face
Carrying
Currency per annum maturity
value
amount
%
$’000
$’000
Group
31/12/2015
Bank loans (secured)
RMB 5.40 – 6.98 2017 – 2021
78,312
78,207
Bank loans (secured)
SGD 2.16 – 3.63 2016 – 2018
1,147,902
1,138,593
Bank loans (unsecured)
SGD 3.12 – 3.97 2016 – 2018
250,000
248,274
Medium term notes (unsecured)
(1)
SGD
4.25
2018
100,000
99,380
Medium term notes (unsecured)
(2)
SGD
5.25
2016
50,000
49,880
Retail bonds (unsecured)
SGD
4.65
2018
300,000
297,326
1,926,214
1,911,660
Company
31/12/2015
Retail bonds (unsecured)
SGD
4.65
2018
300,000
297,326
(1)
Medium term notes issued by Perennial Treasury Pte. Ltd., a subsidiary of the Group, under its $2 billion multicurrency debt issuance programme
established on 22 January 2015. The notes are unconditionally and irrevocably guaranteed by the Company.
(2)
Medium term notes issued by PCRT, a subsidiary of the Group, under its $500 million multicurrency medium term note programme. All sums payable in
respect of the notes are unconditionally and irrevocably guaranteed by the Company and Perennial China Retail Pte. Ltd., a subsidiary of the Group.
Securities
As at 31 December 2015, the bank loans are secured on the following:
• First legal mortgage over the investment properties and land use rights held by investment property under development
(see note 5);
• First fixed charge over the bank accounts and other assets of certain subsidiaries (see note 11);
• An assignment of all the rights, benefit, title and interest of the Group in relation to the sale and purchase
agreements and tenancy agreements (including sale proceeds and rental proceeds) relating to investment properties;
• Assignments of rights under all material agreements and contracts (including tenancy agreements and construction
agreements), property management agreement, insurance policies (as applicable);
• First legal mortgage over receivables from investment properties including all rights under, and all proceeds arising
from tenancy agreements, sales agreements and property management agreement; and
• Share charges over all the shares in certain subsidiaries and joint venture.
