107
CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
26.
INTEREST-BEARING BORROWINGS
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Current liabilities
Short-term loans:
Loan II
3,500
3,500
3,500
3,500
Current portion of long-term loans:
Loan I
306
268
306
268
Loan III
680
680
680
680
Total current liabilities
4,486
4,448
4,486
4,448
Non-current liabilities
Non-current portion of long-term loans:
Loan I
5,315
5,682
5,315
5,682
Loan III
2,040
2,720
2,040
2,720
Total non-current liabilities
7,355
8,402
7,355
8,402
Loan I
Loan I comprises of a SGD bank loan drawn down under an approved $6,450,000 loan facility secured by a first
mortgage over the Group’s leasehold building (Note 12) and investment properties (Note 13). With effect from
10 June 2014, interest rate has been revised to prevailing Enterprise Financing Rate (“EFR”) – 4.0%, EFR – 3.7%,
and EFR – 3.3% for the first, second and third years respectively, and 3% + 3-month SIBOR thereafter. The loan
is repayable in 240 monthly instalments commencing 1 July 2011.
Loan II
Loan II comprises of a SGD bank loan drawn down under an approved $3,500,000 loan facility secured by a
first mortgage over the Group’s leasehold building (Note 12) and investment properties (Note 13). Interest
rate is fixed at 1.50% + 1-month Swap Offer Rate. The loan is repayable on demand.
Loan III
Loan III comprises of a SGD bank loan drawn down under an approved $3,400,000 loan facility secured by a first
mortgage over the Group’s leasehold building (Note 12) and investment properties (Note 13). Interest rate is
fixed at 1.50% + 1-month SOR. The loan is repayable in 5 annual instalments commencing 18 November 2014.
27.
NOTES PAYABLE
On 29 October 2014, the Group issued $120,000,000 in aggregate principal amount of 4.9% fixed rate notes
due 2017 (the “Notes”) under the $500,000,000 Multicurrency Debt Issuance Programme established on
14 October 2014.
The Notes constitute direct, unconditional, unsubordinated and unsecured obligations of the Company and
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 from time to time outstanding. The Notes are redeemable upon maturity on 28 October 2017 and
are listed on the Official List of the SGX-ST.
Interest expense of $4,597,000 (2014: $Nil) is recognised in profit or loss.
