NOTES TO THE FINANCIAL STATEMENTS
10 Interest-bearing borrowings (Cont’d)
Details of the outstanding borrowings and collaterals are as follows:
(A)
Club Loan Facility
The Group has in place a secured $250 million club loan facility (“CLF”) from a club of four financial
institutions consisting of:
•
Facility A: $100 million term loan facility;
•
Facility B: $100 million term loan facility; and
•
Facility D: $50 million revolving credit facility.
CLF has a tenor of two years and matures in June 2016.
The $100 million short term loan facility (Facility C) was repaid during the previous financial year when
the facility matured in March 2013.
The CLF, which bears an interest rate comprising a margin plus swap offer rate per annum, is secured by
way of the following:
•
mortgages over a single pool of 20 investment properties (“Portfolio Properties 1”) with an
aggregate carrying value of $602.6 million as at 31 December 2014 (2013: $535.9 million);
•
debentures creating fixed and floating charge on all present and future assets in relation to the
Portfolio Properties 1;
•
an assignment of all tenancy agreements, sales agreements, insurance policies, rental assignments,
bankers’ guarantees and property management agreement in relation to the Portfolio Properties 1; and
•
an assignment of all rental, sale and insurance proceeds and all sums from time to time which the
Trust is entitled to receive from Portfolio Properties 1.
As at 31 December 2014, a total amount outstanding under the CLF was $200.0million (2013: $212.2 million).
(B)
Term Loan Facility
The Group has in place a secured $100 million term loan facility (“TLF”) with National Australia Bank
Limited. The TLF, which was refinanced in October 2013, matures in April 2017.
The TLF, which bears an interest rate comprising a margin plus swap offer rate per annum, is secured by
way of the following:
•
a mortgage over seven investment properties (“Portfolio Properties 2”) with an aggregate carrying
value of $246.4 million (2013: $248.9 million);
•
a debenture creating fixed and floating charges on all present and future assets in relation to the
Portfolio Properties 2;
•
an assignment of all tenancy agreements, sales agreements, insurance policies, rental assignments,
bankers’ guarantees and property management agreement in relation to the Portfolio Properties 2; and
•
an assignment of all rental, sale and insurance proceeds and all sums from time to time which the
Trust is entitled to receive from Portfolio Properties 2.
As at 31 December 2014, the total amount outstanding under the TLF was $100.0 million (2013:
$100.0 million).
CAMBRIDGE INDUSTRIAL TRUST | A WINNING FORMULA
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