153
Annual Report 2015
12 LOANS AND BORROWINGS
HBT Group
H-REIT Group
Stapled Group
Note
2015
2014
2015
2014
2015
2014
$’000
$’000
$’000
$’000
$’000
$’000
At amortised cost:
Non-current liabilities
Secured TMK bond
(i)
–
–
35,694
–
35,694
–
Unsecured medium
term notes
(ii)
–
–
119,934 203,444 119,934 203,444
Unsecured bank loans
(iii)
–
–
547,580 254,159 547,580 254,159
–
–
703,208 457,603 703,208 457,603
Current liabilities
Unsecured medium
term notes
(ii)
–
–
83,573
–
83,573
–
Unsecured bank loans
(iv)
–
–
135,563 317,329 135,563 317,329
–
–
219,136 317,329 219,136 317,329
–
–
922,344 774,932 922,344 774,932
i.
Secured TMK bond
The TMK bond included in the H-REIT Group relates to 5-year Japanese Yen denominated bond of JPY3.1 billion
($35.7 million) issued by H-REIT’s indirectly owned subsidiary, CDLHT Hanei Tokutei Mokutei Kaisha. CDLHT’s
interest in Japan Hotels is held via a Tokutei Mokutei Kaisha ("
TMK
") structure, and such TMK structure is required
to issue bond to fund the acquisition of assets. The TMK bond was used to repay the short-term bridging loan,
which was previously drawn in December 2014 to fund the acquisition of Japan Hotels.
The bondholders have a statutory preferred right, under Article 128 of the Japan Asset Liquidation Law, to receive
payment of all obligations under the bond prior to other creditors out of the assets of the TMK. Such right shall be
junior to the priority of the general statutory lien under the Japan Civil Code. While the assets of TMK are subject
to a statutory preferred right, it is not considered a mortgage under Japan laws.
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 "
Programme
"). As at the end of the financial year, $203.6 million medium
term notes have been issued by this subsidiary. These comprise:
(a)
$83.6 million 5-year floating rate note, which are re-priced every six months.
(b)
$120.0 million 5-year fixed rate medium term note. Proceeds from this medium term note issuance were
utilised to partially redeem the outgoing $260.0 million medium term notes, which expired in August 2013.
NOTES TO THE FINANCIAL STATEMENTS
