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CDL
HOSPITALITY TRUSTS
12 LOANS AND BORROWINGS (CONT’D)
(iii) Unsecured bank loans, within one year (cont'd)
(c)
H-REIT has in place an uncommitted $300.0 million (2013: $300.0 million) multi-currency unsecured
bridge loan facility with a bank (the “Bridge Loan Facility”) to fund acquisitions, capital expenditure and
working capital requirements.
The Bridge Loan Facility can be drawn down in multiple tranches and each tranche is to be repaid within
a maximum period of one year from each drawn down date or one year from the first drawn down date
(where the amount is drawn down in multiple tranches).
In December 2014, H-REIT refinanced $76.8 million (US$60.6 million) drawn down under the Bridge Loan
Facility with a 5-year floating rate term loan (refer to Note 12(i)(c) above). This loan was previously drawn
down in December 2013 to fund the acquisition of Jumeirah Dhevanafushi.
As at the reporting date, approximately $300.0 million of the Bridge Loan Facility remains unutilised.
(d)
In December 2014, H-REIT and its indirect wholly-owned subsidiary in Japan secured two new
short-term floating rate bridge loan facilities amounting to $66.7 million (JPY6.07 billion) from a bank
for a 9-month period.
As at the reporting date, these facilities were fully utilised to finance the acquisition of the Japan Hotels.
Terms and debt repayment schedule
Terms and conditions of outstanding loans and borrowings are as follows:
Nominal
Year of
Face Carrying
Currency
interest rate
maturity
value amount
%
$’000
$’000
H-REIT Group and Stapled Group
2014
Fixed rate medium term notes
SGD
2.500
2018
120,000 119,932
Floating rate medium term note
SGD
1.273 to 1.452
2016
83,600
83,512
Variable rate bank loan
SGD
1.333 to 1.807
2015
150,893 150,660
Variable rate bank loan
SGD
1.351 to 1.451
2019
70,000
69,738
Variable rate bank loan (Note 13)
AUD
4.640 to 5.290
2015
100,311 100,054
Variable rate bank loan
USD
1.338
2019
86,001
85,596
Fixed rate bank loan
USD
2.800
2018
99,233
98,825
Variable rate bank loan
JPY
0.581 to 1.461
2015
66,710
66,615
776,748 774,932
2013
Fixed rate medium term notes
SGD
1.700 to 2.500
2014 - 2018
190,000 189,673
Floating rate medium term note
SGD 1.3164 to 1.536
2016
83,600
83,491
Variable rate bank loan
SGD
1.333 to 1.640
2015
140,000 139,557
Variable rate bank loan
AUD
4.597 to 5.110
2015
105,353 104,835
Variable rate bank loan
USD
0.810 to 0.819
2014
76,092
76,092
Fixed rate bank loan
USD
2.800
2018
95,048
94,580
690,093 688,228
NOTES TO THE FINANCIAL STATEMENTS
