Notes to the financial statements Year ended 31 December 2024 12. INTEREST-BEARING BORROWINGS (continued) (a) As at 31 December 2024, the Group has an aggregate of $1,291.2 million (2023: $1,459.5 million) unsecured floating rate term loan facilities (collectively known as “Trust Term Loan Facilities”). These facilities have negative pledge covenants which require the Trust not to, amongst others, create or have outstanding any security on or over the Group’s interest in any of the investment properties without the prior written consent of the lender. The Trust Term Loan Facilities are repayable in full at maturity, although the Trust has the option to make early repayments. (b) At the reporting date, the Group issued $224.2 million (2023: $150.0 million) MTN under the $1.0 billion Multicurrency Debt Issuance Programme. Under the Multicurrency Debt Issuance Programme, the Trust may: (i) issue notes in any currency, in various amounts and tenors, and the notes may bear interest at fixed, floating, variable or hybrid rates or may not bear interest, in each case as agreed between the Trustee, the Manager and the relevant dealer(s) of the Notes and as specified in the relevant Pricing Supplement; and (ii) issue perpetual securities in registered and/or bearer form in any currency, in various amounts and the perpetual securities may confer a right to receive distribution at fixed or floating rates, in each case as agreed between the Trustee, the Manager and the relevant dealer(s) of the Perpetual Securities and as specified in the relevant Pricing Supplement. (c) At the reporting date, the Group issued $111.3 million (RMB600.0 million) (2023: $111.6 million) FTZ bonds through its subsidiary CLCT MTN Pte. Ltd. The FTZ bonds have a tenor of three years with a coupon rate of 3.80% per annum, payable annually in arrears. The Trustee in its capacity as trustee of the Trust has provided unconditional and irrevocable financial guarantee on all sums payable in respect of the notes issued by CLCT MTN Pte. Ltd. (d) At the reporting date, secured loans comprise outstanding term loans of $147.4 million (RMB794.6 million) (2023: $235.3 million (RMB1,262.8 million)). The term loans bear interest rates referenced against 5-year Loan Prime Rate (“LPR”) with lending rates ranging from 3.20% to 4.15% (2023: 3.55% to 4.50%) per annum and repriced on a quarterly and half-yearly basis. As security for the loans, the Group has granted in favour of the respective lenders the following: (i) mortgage over retail asset Rock Square, with carrying amounts of $632.6 million (2023: $635.5 million). The mortgage over retail asset CapitaMall Xuefu (2023: $333.4 million) was discharged when the loan was repaid during the year (see Note 4); (ii) mortgage over business park assets Singapore-Hangzhou Science & Technology Park (Phase I and Phase II), with carrying amounts of $150.2 million (2023: $153.5 million) and $190.1 million (2023: $194.4 million) respectively (see Note 4); (iii) mortgage over logistics park assets Kunshan Bacheng Logistics Park (2023: $60.9 million) and Wuhan Yangluo Logistics Park (2023: $66.5 million) were discharged when the loans were repaid during the year (see Note 4); (iv) pledge of bank accounts of the respective assets; and (v) assignment of the insurance policies of the respective assets. At the reporting date, unsecured loan comprises of outstanding term loan of $82.9 million (RMB447.0 million) entered by CapitaMall Grand Canyon. The term loan bear interest rate referenced against 5-year LPR with lending rates ranging from 3.75% to 4.20% per annum and repriced on a half-yearly basis. The Trustee in its capacity as trustee of the Trust has provided unconditional and irrevocable financial guarantee on all sums payable of the bank facility. The RMB term loans are typically amortised and payable on a quarterly or half-yearly basis with a final lump sum payment at the maturity of the respective loans. 130 CapitaLand China Trust
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