120 121
23.
Borrowings (continued)
Medium term notes
In March 2009, the Trust established a $500,000,000 Multicurrency Medium Term Note (“MTN”) Programme. Under the
MTN Programme, the Trust may, subject to compliance with all relevant laws, regulations and directives, from time to time
issue notes in one or more tranches, on the same or different issue dates, in SGD or any other currency.
Each tranche of notes may be issued in various amounts and tenors, and may bear fixed, floating, or variable rates of interest.
Hybrid notes, zero coupon notes or perpetual securities may also be issued under the MTN Programme.
The notes shall constitute direct, unconditional, unsecured and unsubordinated obligations of the Trust ranking
pari passu
,
without any preference or priority among themselves and
pari passu
with all other present and future unsecured obligations
(other than subordinated obligations and priorities created by law) of the Trust.
The maximum aggregate principal amount of the notes outstanding at any time shall be $500,000,000, or such higher
amount as may be determined pursuant to the MTN Programme.
The total notes issued by the Trust as at 31 March 2015, which still remains outstanding, is $140,000,000 (2014: $90,000,000),
consisting of:
(a)
$25,000,000 MTN 3, which bears a fixed interest rate of 3.50% per annum, payable semi-annually in arrears and
matures on 7 October 2016.
(b)
$65,000,000 MTN 4, which bears a fixed interest rate of 3.80% per annum, payable semi-annually in arrears and
matures on 1 October 2018.
(c)
$50,000,000 MTN 5, which bears a fixed interest rate of 3.80% per annum, payable semi-annually in arrears and
matures on 27 August 2019.
