88
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
21.
Borrowings
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Current
Bank borrowings
60,714
17,930
–
–
Bank overdraft (Note 11)
2,481
3,203
–
–
Finance lease liabilities (Note 22)
6,818
7,274
–
–
70,013
28,407
–
–
Non-current
Series 1 Notes
49,617
49,391
49,617
49,391
Bank borrowings
42,724
36,976
–
–
Finance lease liabilities (Note 22)
8,372
12,649
–
–
100,713
99,016
49,617
49,391
Total borrowings
170,726
127,423
49,617
49,391
In 2013, the Company establised a $200,000,000 Multicurrency Medium Term Note Programme
(the “Programme”), under which the Issuer may issue notes (the “Notes”) from time to time. Under
the Programme, Notes may be issued in series or tranches, in any currency, in various amounts
and tenors, and may bear interest at fixed, floating, variable, or hybrid rates or (in the case of Zero
Coupon Notes) may not bear any interest, in each case as maybe agreed between the relevant
dealer(s) of the Notes and the Company. The Notes and coupons of all series constitute direct,
unconditional, unsubordinated and unsecured obligations of the Company and shall at all times
rank
pari passu
, without any preference or priority among themselves, and
pari passu
with all other
present and future unsecured obligations (other than subordinated obligations and priorities created
by law) of the Company. The Company issued fixed rate notes denominated in Singapore dollar with
a total nominal value of $50,000,000 (“Series 1 Notes”) under the Programme. The Series 1 Notes
were issued at an issue price price of 100% of the principal amount in denominations of $250,000
with interest at a fixed rate of 5.75% per annum payable semi-annually in arrears. The Series 1
Notes are due for repayment on 12 September 2016.
The exposure of the borrowings of the Group and of the Company to interest rate changes and the
contractual repricing dates at the balance sheet date are as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
6 months or less
57,941
20,037
–
–
6 – 12 months
10,642
7,137
–
–
1 – 5 years
36,592
35,926
–
–
Over 5 years
15,934
14,932
–
–
121,109
78,032
–
–
