12 LOANS AND BORROWINGS (continued) Terms and debt repayment schedule (continued) Currency Nominal interest rate per annum Year of maturity Face value Carrying amount % $’000 $’000 Company 31 December 2024 Medium term notes (unsecured) (1) SGD 6.50 2026 44,250 44,205 Medium term notes (unsecured) (1) SGD 6.50 2026 33,500 33,427 77,750 77,632 31 December 2023 Medium term notes (unsecured) (1) SGD 5.60 2024 33,500 33,470 Medium term notes (unsecured) (1) SGD 6.50 2024 44,250 44,239 77,750 77,709 (1) Medium term notes issued by the Company and 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. Security As at 31 December 2024, the bank loans are secured on the followings: • Legal mortgage over the investment properties and land use rights of the investment properties under development (see note 6) and development properties (see note 10); • 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 ventures. Convertible bonds Group 2024 2023 $’000 $’000 At beginning of the year 18,759 18,759 Proceeds from issue of convertible bonds 2,128 – Amount classified as equity (241) (481) Accreted interest 482 481 Carrying amount of liability at end of the year 21,128 18,759 Notes to the Financial Statements Year ended 31 December 2024 200 PERENNIAL HOLDINGS PRIVATE LIMITED
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