Cordlife Group Limited
Annual Report 2016
97
Notes to
The Financial Statements
for the financial year ended 30 June 2016
28. Interest-bearing borrowings (cont’d)
Loan II
Loan II comprises 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) and a charge over
all current trade receivables of the Company (Note 18). Interest rate is fixed at 1.50% + 1-month Swap Offer
Rate. The loan is repayable on demand. Loan II expired on 1 July 2015 and was repaid in full.
Loan III
Loan III comprises a SGD bank loan drawn down on 18 November 2014 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) and a charge over all current trade receivables of the Company (Note 18). Interest rate is fixed at
1.50% + 1-month Swap Offer Rate. The loan is repayable over 5 annual instalments.
Loan IV
Loan IV comprises a SGD bank loan drawn down on 1 July 2015 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) and a charge over all current trade receivables of the Company (Note 18). Interest rate is fixed at 1.50% +
1-month Swap Offer Rate. The loan is repayable over 3 annual instalments.
29. 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.
On 16 December 2015, 6 January 2016 and 28 January 2016, the Group announced that it had repurchased
S$51,750,000 (2015: $Nil) in principal amount of the Notes (the “Repurchased Notes”). The difference of
$2,025,000 between the repurchase consideration and the carrying value of the Notes was recorded as “Notes
repurchase expense” in profit or loss. Following the settlement, the Repurchased Notes were cancelled on
6 April 2016, and the remaining outstanding aggregate principal amount of the Notes following the cancellation
of the Repurchased Notes would be S$68,250,000.
Interest expense on the Notes of $5,322,000 (2015: $4,597,000) is recognised in profit or loss.
