NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 23 BONDS AND NOTES Group Company Note 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Secured 1,254,589 819,835 – – Unsecured 2,233,752 2,039,734 2,233,752 2,039,735 21 3,488,341 2,859,569 2,233,752 2,039,735 Secured bonds and notes comprise the following: (i) $26 million [JPY3,000 million] (2023: $28 million [JPY3,011 million]) bonds comprising 1 tranche issued by a subsidiary, which holds a Japan hotel (classified under investment properties) through a TMK structure. The bonds bore interest at 1.50% (2023: 1.50%) per annum as at 31 December 2024 and are secured by a guarantee from its intermediate holding company. Unless previously redeemed or purchased and cancelled, the bonds are redeemable at their principal amounts on their maturity date in December 2028. (ii) $86 million [JPY10,000 million] (2023: $93 million [JPY10,000 million]) bonds comprising 2 tranches issued by a subsidiary, which holds a Japan hotel (classified under investment properties) through a TMK structure. The bonds bore interest at 0.46% to 0.85% (2023: 0.31% to 0.47%) per annum as at 31 December 2024. The bondholders, under Article 128 of the Japan Asset Liquidation Law, are under a statutory lien to receive payment of their claims under the bonds prior to other creditors out of the assets of the TMK. The order of priority of such statutory lien shall be immediately after the general statutory liens under the Japan Civil Code. While the assets of the TMK are subject to a statutory preferred right, it is not considered a mortgage under Japan laws. Unless previously redeemed or purchased and cancelled, the bonds are redeemable at their principal amounts on their maturity date in March 2025. (iii) $447 million [JPY51,740 million] (2023: Nil) bonds comprising 1 tranche issued by a subsidiary, which indirectly holds Japan investment properties through a TMK structure. The bonds bore interest at 0.78% (2023: Nil) per annum as at 31 December 2024. Unless previously redeemed or purchased and cancelled, the bonds are redeemable at their principal amounts on their maturity date in December 2031. (iv) $700 million (2023: $700 million) medium term notes (MTNs) which comprise 4 series (2023: 3 series) of notes issued by a subsidiary as part of a $700 million secured MTN programme established in 2001. The MTNs bore interest at 1.65% to 3.73% (2023: 1.65% to 3.73%) per annum as at 31 December 2024 and are secured by a mortgage over an investment property and property, plant and equipment as well as rental and insurance proceeds to be derived from the said property. Unless previously redeemed or purchased and cancelled, the MTNs are redeemable at their principal amounts on their respective maturity dates from December 2025 to August 2029 (2023: May 2024 to December 2028). Unsecured bonds and notes comprise $2,240 million (2023: $2,045 million) medium term notes (MTNs) which comprise 8 series (2023: 9 series) of notes issued by the Company at various interest rates as part of a $5.0 billion unsecured MTN programme established in 1999. The MTNs bore interest at 2.00% to 4.14% (2023: 2.00% to 4.14%) per annum as at 31 December 2024. Unless previously redeemed or purchased and cancelled, the MTNs are redeemable at their principal amounts on their respective maturity dates from January 2025 to October 2029 (2023: January 2024 to April 2028). ANNUAL REPORT 2024 FINANCIALS 147
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