Annual Report 2025 169 Notes to the Financial Statements 31 December 2025 Short term bank borrowings As at 31 December 2025, the Group has in place various short term banking credit facilities totalling $2,314.9 million (2024 : $2,317.1 million), of which $862.0 million (2024 : $161.1 million) has been utilised. Included in the amount of $2,314.9 million (2024 : $2,317.1 million) is a sub-facility of $101.0 million (2024 : $101.8 million) for the issuance of letters of guarantee. Term loans As at 31 December 2025, the Group has in place various term loan facilities totalling $3,894.7 million (2024 : totalling $4,185.4 million) which have been fully utilised (2024 : fully utilised). Included in the above was approximately $24.7 million (2024 : Nil) secured term loan from an American bank and $239.3 million (2024 : $489.4 million) secured syndicated term loan from Australian banks (“Syndicated Loans”). The $24.7 million secured term loan is secured by way of a first mortgage over the assets and credit of a subsidiary in the United States (Note 8). The Syndicated Loans are secured by way of a first mortgage over 20 (2024 : 21) properties in Australia and assets of their respective holding trusts, and a guarantee from the Trust. 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 “MTN Notes”) in Singapore dollars or any other currency for up to a programme limit of $1.0 billion. In March 2016, the Trust upsized the programme limit to $5.0 billion. In August 2020, the Trust established a $7.0 billion Euro Medium Term Note (“EMTN”) Programme. Pursuant to the EMTN Programme, the Trust may, subject to compliance with all relevant laws, regulations and directives, from time to time, issue notes (the “EMTN Notes”, the MTN Notes and EMTN Notes are collectively defined as “Notes”), or perpetual securities (the “Perpetual Securities”) denominated in any currency. 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 December 2025 comprised $1,308.0 million (2024 : $808.0 million) in SGD-denominated Notes, $832.1 million (2024 : $981.5 million) in HKD-denominated Notes and $452.3 million (2024 : $424.1 million) in EURO-denominated Notes. The Trust has in place the cross currency swaps with notional amounts of HKD5.1 billion (2024 : HKD5.9 billion) to hedge against the foreign currency risk arising from the principal amount of the HKD denominated Notes (Note 13). 14. Loans and Borrowings (continued)
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