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ANNUAL REPORT 2014
12 LOANS AND BORROWINGS (CONT’D)
(i)
Unsecured bank loans, after one year
(a)
H-REIT has in place a $70.0 million floating rate term loan facility (the “TL3 Facility”) for a 5 year-term
that was secured in August 2014.
Proceeds from this term loan was utilised to redeem the outgoing $70.0 million medium term notes,
which expired in August 2014 (refer to Note 12(ii)(c)).
(b)
H-REIT has in place a $99.2 million (US$75.0 million) fixed rate term loan facility (the “TL2 Facility”) for a
5 year-term secured in October 2013.
As at the reporting date, there was no unutilised balance as the TL2 Facility was fully drawn down to
re-finance the loan relating to Angsana Velavaru.
(c)
H-REIT has in place a 5 year $86.0 million (US$65.0 million) floating rate loan facility (the “TL4 Facility”)
that was secured in December 2014.
As at the reporting date, there was no unutilised balance as the TL4 Facility was fully drawn down to
re-finance the Bridge Loans Facility relating to Jumeirah Dhevanafushi, which expired in December 2014
(refer to Note 12(iii)(c)) and for working capital purposes.
(ii) Unsecured medium term notes
H-REIT’s wholly-owned subsidiary, CDLHT MTN Pte. Ltd. (the “Issuer”) has in place a $1.0 billion Multi-currency
Medium Term Note Programme (the “MTN Programme”). As at reporting date, $203.6 million medium term
notes have been issued. These comprise:
(a)
$83.6 million medium term notes comprising 5-year floating rate note, which are re-priced every six
months were issued in August 2011.
(b)
$120.0 million 5-year fixed rate medium term notes, was issued in June 2013. Proceeds from the notes
issuance were utilised to partially redeem the outgoing $260.0 million medium term notes, which
expired in August 2013.
(c)
During the year, the Issuer fully redeemed $70.0 million 3-year medium term notes, which expired
in August 2014. This was repaid through drawings from a 5-year floating rate term loan facility
(the “TL3 Facility”) (refer to Note 12(i)(a)).
(iii) Unsecured bank loans, within one year
(a)
H-REIT has in place a $100.0 million (2013: $100.0 million) committed bilateral multi-currency revolving
credit facility each from two banks (collectively $200.0 million) for a 3-year term (the “RCF Facility”) since
December 2012. As at the reporting date, H-REIT utilised $150.9 million comprising of $140.0 million to
partially repay the medium term notes which matured in August 2013, and an additional $10.9 million to
fund the asset enhancement initiatives for Claymore Connect and other operating expenses.
As at the reporting date, $49.1 million of the RCF Facility remains unutilised.
(b)
H-REIT has in place a $100.3 million (A$93.2 million) (2013: $105.4 million (A$93.2 million) term loan
facility (the “TL1 Facility”) for a 3-year term since December 2012.
As at the reporting date, there was no unutilised balance as the TL1 Facility was fully drawn down to
fund the loan relating to the Australia hotels.
NOTES TO THE FINANCIAL STATEMENTS
