116
STAMFORD LAND CORPORATION LTD
26 BORROWINGS
THE GROUP
2015
$’000
2014
$’000
Bank loans
306,456
343,549
Less: Current portion
(192,623)
(211,136)
Non-current portion
113,833
132,413
Non-current portion is payable as follows:
Between 1 and 2 years
113,833
5,762
Between 2 and 5 years
–
126,651
113,833
132,413
The term loans comprise:
(a) $99,389,000 (A$95,000,000) [2014: $110,580,000 (A$95,000,000)] and $25,283,000 (NZ$24,620,000)
[2014: $26,875,000 (NZ$24,620,000)] term loans secured by legal mortgages on certain properties of
the subsidiaries. These loans are repayable in financial year 2016 and are expected to be refinanced
upon maturity. Interest is pegged to market rates ranging from 4.07% to 5.25% (2014: 4.35% to 4.85%)
per annum. Interest rate is repriceable at intervals of 1 to 3 months.
(b) $89,666,000 (A$85,706,000) [2014: $99,763,000 (A$85,706,000)] term loan secured by legal mortgages
on certain properties of the subsidiaries. The loan is repayable in financial year 2017. Interest is pegged
to market rates ranging from 4.59% to 4.69% (2014: 4.52% to 4.94%) per annum. Interest rate is
repriceable at intervals of 1 to 3 months.
(c) $62,772,000 (A$60,000,000) [2014: $69,840,000 (A$60,000,000)] term loan secured by legal mortgages
on certain properties of the subsidiaries. Interest is pegged to market rates ranging from 3.72% to 4.30%
(2014: 4.02% to 4.47%) per annum. Interest rate is repriceable at intervals of 1 to 3 months. Subsequent
to 31 March 2015, this loan was refinanced for 1 year and is repayable in financial year 2017.
(d) $29,346,000 (A$28,050,000) [2014: $36,491,000 (A$31,350,000)] term loan secured by legal mortgages
on certain properties of the subsidiaries. $5,179,000 is repayable within the next 12 months and
remaining $24,167,000 is repayable in financial year 2017. During the year, $3,789,000 (A$3,300,000)
[2014: $1,921,000 (A$1,650,000)] was repaid. Interest is pegged to market rates ranging from 4.29% to
4.66% (2014: 4.56% to 5.02%) per annum. Interest rate is repriceable at intervals of 1 to 3 months.
Management remains confident of refinancing the remaining borrowings as and when they fall due.
NOTES TO THE FINANCIAL STATEMENTS
