Out of the Group’s total borrowings, 16% falls due in 2015, 17% falls due in 2016, 9% falls due in
2017, 14% falls due in 2018 and the balance falls due after 2018.
Fixed vs Floating Rate Profile
2014
S$’m
%
Fixed Rate 1,234.5 80
Floating Rate 316.4 20
Total
1,550.9
1
100
2013
S$’m
%
Fixed Rate
952.8 80
Floating Rate 244.3 20
Total
1,197.1
1
100
80%
20%
80%
20%
1 Net of unamortised fees and expenses incurred for debt raising exercises
Fixed Rate Loans
This has taken into account the interest rate swaps entered into to convert floating rate loans to fixed
rate loans. As at 31 December 2014, S$1,234.5
1
million or 80% of the Group’s borrowings are on fixed
interest rates, including S$166.0
1
million due for refinancing in 2015, in line with the maturity dates
of the underlying loans.
Floating Rate Loans
This has taken into account the interest rate caps entered into to manage the Group’s interest rate
exposure.
Rights Issue
On 12 December 2013, Ascott Reit raised a total of S$253.7 million from an underwritten and
renounceable 1-for-5 Rights Issue. The balance of the proceeds from the Rights Issue of S$84.8
million as at 31 December 2013 has been fully utilised in FY2014 as follows:
(a) S$56.5 million was used to repay borrowings in March 2014 and May 2014; and
(b) S$28.3 million was used to repay bank borrowings for efficient capital management purposes
(pending the deployment of the proceeds to fund capital and asset enhancement initiatives).
Pursuing Growth | 59
