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CAPITAL MANAGEMENT
CMT fully redeemed the
S$300.0million two-year retail
bonds under the S$2.5 billion retail
bond programme (Retail Bond
Programme) on 25 February 2013.
On 3 April 2013, CMT MTN Pte. Ltd.
(CMT MTN) increased the limit of the
unsecured Euro-Medium Term Note
Programme (EMTN Programme)
from US$2.0 billion to US$3.0 billion.
During the year, CMT MTN issued
two series of notes under the
S$2.5 billion unsecured Multicurrency
Medium Term Note Programme
(MTN Programme) as follows:
1 ¥10.0 billion seven-year fixed
rate notes on 13 November
2013 which was swapped into
S$126.0 million; and
2 S$100.0 million seven-year
fixed rate notes on
18 December 2013.
Capital
Management
BORROWINGS
1
1
Based on principal sums only.
2
Includes ¥10.0 billion fixed rate notes (swapped into S$126.0 million) and S$100.0 million fixed rate
notes issued in 2013 under the MTN Programme.
3 CMT’s 40.00% interest in RCS Trust.
4 Drawdown of S$650.0 million term loan and S$170.0 million RCF by Infinity Trusts (CMT’s 30.00% share
thereof is S$246.0million) from the S$820.0million secured banking facilities.
As at 31 December 2013
S$ million
Loans fromCMT MTN
2,568.4
2
Convertible Bonds
350.0
Total borrowings at CMT level
2,918.4
Loans at RCS Trust level from Silver Oak
402.8
3
Loans at Infinity Trusts level
246.0
4
Total borrowings at CMT and its subsidiaries
(CMT Group)
3,567.2
On 2 July 2013, CMT fully redeemed
and cancelled the remaining
S$98.25 million in principal
amount of the S$650.0 million
1.0% convertible bonds due 2013
(Convertible Bonds due 2013) at
109.31% of the principal amount
upon maturity.
CMT has a 40.00% interest in RCS
Trust. Under the loan agreements
between Silver Oak Ltd (Silver Oak)
and RCS Trust Trustee-Manager,
Silver Oak has granted RCS Trust
a term loan facility of S$1.0 billion
and a revolving credit facility (RCF)
of S$300.0 million. RCS Trust has
drawn down the S$1.0 billion term
loan in 2011 and S$7.0 million
RCF in 2013. CMT’s 40.00% share
thereof is S$402.8 million.
CMT has a 30.00% interest in Infinity
Mall Trust and Infinity Office Trust
(collectively, the Infinity Trusts). Out
of the total facilities of S$820.0
million which comprise term loan of
S$650.0 million and RCF of S$170.0
million, Infinity Trusts have drawn
down the full S$650.0 million term
loan and S$170.0 million RCF as at
31 December 2013. CMT’s 30.00%
share of Infinity Trusts’ term loan
and RCF is S$246.0 million.
CMT Group holds derivative
financial instruments to hedge
its currency and interest rate risk
exposures. The fair value derivative
for Financial Year (FY) 2013,
which was included as financial
derivatives was S$119.2 million,
comprising financial derivatives
liabilities of S$123.7 million and
financial derivatives assets of
S$4.5 million. This represented
2.0% of the net assets of CMT
Group as at 31 December 2013.
%
Loans from CMT MTN
72.0
Convertible Bonds
9.8
Loans at RCS Trust
level from Silver Oak
(CMT’s 40.00% interest)
11.3
Loans at Infinity Trusts level
(CMT’s 30.00% interest)
6.9
100.0
DEBT MIX BY TYPE
(%)
As at 31 December 2013
Unsecured
81.8%
Secured
18.2%
Clarity
82
CapitaMall Trust
Annual Report 2013
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