N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
16 Loans and borrowings (continued)
Short term bank borrowings
As at the reporting date, the Group has in place various bilateral short term banking credit facilities totalling $900.0 million
(2014: $1,100.0 million), of which $270.0 million (2014: $210.0 million) has been utilised. Included in the amount of $900.0
million (2014: $1,100.0 million) is a sub-limit of $95.0 million (2014: $95.0 million) facility for the issuance of letters of
guarantee.
Term notes/loans
As at the reporting date, the Group has in place various term loans totalling $1,340.5 million (2014: $1,281.5 million), of which
$1,302.5 million (2014: $1,081.7 million) has been utilised.
Included in the term loan amount of $1,281.5 million as at 31 March 2014 was EUR 197.5 million term notes (“Euro Term
Notes”) issued by the Group via Emerald Assets on 14 May 2007. The Euro Term Notes bore an interest rate of 0.2% above
the Singapore SOR. The Euro Term Notes were swapped into a $395.0 million term loan and on-lent by Emerald Assets to the
Trust. The Euro Term Notes of the Group and term loan of the Trust were secured by fixed and floating charges over the list of
properties under Portfolio 3 (see the list of properties in the Portfolio Statement). The Euro Term Notes of the Group and the
related term loan of the Trust were fully repaid on 14 May 2014. Accordingly, the collateral was fully discharged.
Medium Term Notes
In March 2009, the Trust established a $1.0 billion Multicurrency Medium Term Note (“MTN”) Programme. Pursuant to the
MTN Programme, the Trust may, subject to compliance with all relevant laws, regulations and directives, from time to time,
issue fixed or floating interest rate notes (the “Notes”) in Singapore dollars or any other currency for up to a programme limit
of $1.0 billion. In March 2015, the Trust upsized the programme limit to $5.0 billion.
The Notes shall constitute direct, unconditional, unsecured and unsubordinated obligations of the Trust ranking
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 Trust.
The principal amount of the notes outstanding as at 31 March 2015 comprises $295.0 million (2014: $200.0 million) in
SGD-denominated Notes, $281.4 million (2014: $301.1 million) in JPY-denominated Notes and $223.0 million (2014: $Nil) in
HKD-denominated Notes. The Trust entered into cross currency swaps with notional amounts of JPY24.6 billion and HKD1.26
billion (2014: JPY24.6 million) to hedge against the foreign currency risk arising from the principal amount of the JPY and HKD
denominated Notes (Note 15). As at the reporting date, after taking into consideration the effect of the cross currency swaps,
the amount of Notes issued pursuant to the MTN programme which remain outstanding is $862.2 million.
As at 31 March 2015, the Notes issued under MTN are as follows:
(i)
JPY9.6 billion (2014: JPY9.6 billion) Series 003 Notes. The Series 003 Notes will mature on 24 February 2018 and
bear an interest rate of 2.11% per annum, payable semi-annually in arrear.
(ii)
$200.0 million (2014: $200.0 million) Series 004 Notes. The Series 004 Notes will mature on 3 February 2022 and
bear an interest rate of 4.00% per annum, payable semi-annually in arrear.
(iii)
JPY10.0 billion (2014: JPY10.0 billion) Series 005 Notes. The Series 005 Notes will mature on 23 April 2024 and bear
an interest rate of 2.55% per annum, payable semi-annually in arrear.
(iv)
JPY5.0 billion (2014: JPY5.0 billion) Series 006 Notes. The Series 006 Notes will mature on 29 March 2021 and bear
an interest rate of 3-month JPY LIBOR plus 0.50% per annum, payable quarterly in arrear.
(v)
$95.0 million (2014: $Nil) Series 007 Notes. The Series 007 Notes will mature on 16 May 2019 and bear an interest
rate of 2.50% per annum, payable semi-annually in arrear.
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
