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NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
9.
Interest-bearing borrowings (Cont’d)
Details of the outstanding borrowings and collaterals are as follows:
(A)
Secured Term Loan Facility (TLF1)
The Group has in place a secured $100 million term loan facility (“TLF1”) with National Australia Bank
Limited. The TLF1 matures in April 2017.
The TLF1, 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 1”) with an aggregate carrying
value of $246.4 million (2014: $246.4 million);
•
a debenture creating fixed and floating charges 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 2015, the total amount outstanding under the TLF1 was $100.0million (2014: $100.0million).
(B)
Unsecured Term Loan Facility (TLF2)
To fund the repayment of club loan facility (“CLF”) in June 2015, the Group secured an unsecured $150
million loan facility (“TLF2”) consisting of:
•
Facility A: $100 million term loan facility at a fixed interest rate of 3.60% per annum for 3.5 years
from date of loan drawdown; and
•
Facility B: $50 million revolving credit facility at an interest rate of a margin plus swap offer rate.
The TLF2 has a tenor of four years which matures in June 2019.
As at 31 December 2015, the total amount outstanding under the TLF2 was $113.5 million (2014: $Nil).
