Notes to the Financial Statements For the financial year ended 31 December 2025 14. INTEREST-BEARING BORROWINGS (CONT’D) (A) Term loans and revolving credit facilities (cont’d) (xi) secured club loan facility of JPY26.3 billion from SMBC consisting of: • Term loan facility of JPY20.3 billion maturing in October 2028 at a fixed interest rate; • Consumption tax bridging loan facility of JPY3.5 billion fully repaid and cancelled; and • Specified bond of JPY2.5 billion maturing in October 2028 at a fixed interest rate. The secured loan facility is secured on the following: • investment property with a carrying amount of $321.8 million (2024: $337.4 million); • a pledge over the trust beneficial interest in the above investment property; • a conditional pledge over the insurance claims relating to the above investment property; and • a pledge over the specified shares of certain subsidiaries. As at 31 December 2025, the total amounts outstanding under the term loan and revolving credit facilities were $1,839.4 million (2024: $1,988.3 million) and $171.7 million (2024: $156.4 million), respectively. (B) Unsecured Medium Term Notes On 2 February 2012, ESR-REIT, through its wholly-owned subsidiary, ESR-REIT MTN Pte. Ltd. (the “Issuer”), established a $500 million multi-currency medium term note programme (the “MTN Programme”). The MTN Programme was modified and renamed as $750 million multi-currency debt issuance programme (the “Debt Issuance Programme”) in March 2016 to allow the issue of medium term notes (the “Notes”) and/or perpetual securities (the “Perps”) by either the Trust or the Issuer. Under the Debt Issuance Programme, the Trust and/or the Issuer may, subject to compliance with all relevant laws, regulations, and directives, from time to time issue the Notes/Perps denominated in Singapore dollars and/ or any other currencies. The payment of all amounts payable in respect of the Notes/Perps are unconditionally and irrevocably guaranteed by Perpetual (Asia) Limited (in its capacity as trustee of ESR-REIT) (the “Guarantor”). The Notes/Perps may be issued in series having one or more issue dates and the same maturity date, and on identical terms. As at the reporting date, the Group has the following Notes under its Debt Issuance Programme: • $125 million 5-year fixed rate notes (the “Series 007 Notes”). The Series 007 Notes was issued directly by the Trust in August 2021, bearing a fixed interest rate of 2.60% per annum payable semi-annually in arrears which will mature in August 2026; and • $100 million 5-year fixed rate notes (the “Series 010 Notes”). The Series 010 Notes was issued directly by the Trust in February 2025, bearing a fixed interest rate of 4.05% per annum payable semi-annually in arrears which will mature in February 2030. 189 ESR-REIT ANNUAL REPORT 2025
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