NOTES TO THE FINANCIAL STATEMENTS
10 Interest-bearing borrowings (Cont’d)
(C)
Revolving Credit Facility
The Group has in place a secured $40 million revolving credit facility (“RCF”), which bears an interest rate
comprising a margin plus swap offer rate per annum. The RCF has a tenor of three years and matures in
July 2015.
The RCF, which bears an interest rate comprising a margin plus swap offer rate per annum, is secured by
way of the following:
•
a mortgage over three investment properties (“Portfolio Properties 3”) with an aggregate carrying
value of $90.4 million (2013: $87.7 million);
•
a debenture creating fixed and floating charges on all present and future assets in relation to the
Portfolio Properties 3;
•
an assignment of all tenancy agreements, sales agreements, insurance policies, rental assignments,
bankers’ guarantees and property management agreement in relation to the Portfolio Properties
3; 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 3.
As at 31 December 2014, the RCF was undrawn (2013: Nil).
(D)
Unsecured Medium Term Note
On 2 February 2012, Cambridge Industrial Trust, through its wholly owned subsidiary, Cambridge-MTN
Pte. Ltd. (the “Issuer”), established a $500 million Multi-currency Medium Term Note Programme (the
“MTN Programme”). Under the MTN Programme, the Issuer may, subject to compliance with all relevant
laws, regulations, and directives, from time to time issue notes (the “Notes”) denominated in Singapore
dollars and/or any other currencies.
The payment of all amounts payable in respect of the Notes will be unconditionally and irrevocably
guaranteed by RBC Investor Services Trust Singapore Limited (in its capacity as trustee of CIT) (the
“Guarantor”).
The Notes may be issued in series having one or more issue dates and the same maturity date, and on
identical terms.
The Group issued the following notes under its MTN Programme:
•
$50 million 3-year Fixed Rate Notes issued in March 2012, bearing a fixed interest rate of 4.75% per
annum payable semi-annually in arrears which will mature in March 2015.
•
$30 million 6-year Fixed Rate Notes issued in April 2014, bearing a fixed interest rate of 4.10% per
annum payable semi-annually in arrears which will mature in April 2020.
•
$100 million 4-year Fixed Rate Notes issued in November 2014, bearing a fixed interest rate of
3.50% per annum payable semi-annually in arrears which will mature in November 2018.
The Issuer has on-lent the net proceeds from the issuance of the Notes to the Trust, which in turn, has
used such proceeds to finance property acquisitions and/or repayment of existing loans.
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
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