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12 LOANS AND BORROWINGS (CONT’D)
iii.
Unsecured borrowings, after one year
(a)
a 3-year to 3.25-year $250.0 million committed bilateral multi-currency revolving credit facility (the "
RCF
Facility
"). In December 2015, H-REIT secured a fresh $250.0 million RCF Facility from two banks (comprising
$150.0 million for a 3-year term and another $100.0 million for a 3.25-year term).
H-REIT subsequently drew down $140.0 million from the RCF Facility to re-finance an outgoing revolving
credit facility, which matured in December 2015 and another $9.0 million to fund the asset enhancement
works for Claymore Connect and other operating expenses. As at the end of the financial year, only $101.0
million of the RCF Facility remained unutilised.
(b)
a 5-year A$93.2 million ($95.7 million) bank facility (the "
TL1 Facility
"). In December 2015, the previous
3-year A$93.2 million term loan matured and H-REIT re-financed it with a fresh 5-year term fixed rate term
loan facility.
As at the end of the financial year, there was no unutilised balance as the TL1 Facility was fully drawn down
to fund the loan relating to the Australia hotels.
(c)
a 5-year US$75.0 million ($105.8 million) fixed rate term loan facility (the "
TL2 Facility
"). As at the end of
the financial year, there was no unutilised balance as the TL2 Facility was fully drawn down to fund the loan
relating to its resort in Maldives, the Angsana Velavaru.
(d)
a 5-year $70.0 million floating rate term loan facility (the "
TL3 Facility
"). In April 2015, H-REIT exercised
its option to convert its existing 5-year $70.0 million floating rate term loan into a fixed rate term loan, as
allowed under the terms of the TL3 Facility.
As at the end of the financial year, there was no unutilised balance as the TL3 Facility was fully drawn down
to redeem the outgoing $70.0 million medium term notes, which expired in August 2014.
(e)
a 5-year US$65.0 million ($91.7 million) floating rate term loan facility (the "
TL4 Facility
"). In January 2015,
H-REIT exercised its option to convert its existing 5-year US$65.0 million ($91.7 million) floating rate term
loan into a fixed rate term loan, as allowed under the terms of the TL4 Facility.
As at the end of the financial year, there was no unutilised balance as the TL4 Facility was fully drawn down
to fund the loan relating to its resort in Maldives, the Jumeirah Dhevanafushi (which expired in December
2014), and for working capital purposes.
(f)
In September 2015, H-REIT secured a 5-year JPY3.3 billion ($38.3 million) fixed rate term loan facility.
This was used to repay the short-term bridging loan, which was previously drawn in December 2014 to fund
the acquisition of Japan Hotels.
NOTES TO THE FINANCIAL STATEMENTS
