18. Other financial assets and financial liabilities (cont’d.) (c) Interest-bearing loans and borrowings (cont’d.) Group Corporation 2016 2015 2016 2015 RM’000 RM’000 RM’000 RM’000 Total borrowings Term loans (Note 36) 10,832,551 6,488,792 – – Hire purchase – 15,611 – – Revolving credits 1,748,955 – 807,210 – Sukuk Murabahah 20,000 – – – Loans from subsidiaries (Note 36) – – 8,930,516 1,756,317 12,601,506 6,504,403 9,737,726 1,756,317 (i) The Group raised USD212.8 million Term Loan Facility on 25 March 2015. This facility is subject to floating interest rate of 3 months LIBOR + 1.00%. However, during the previous financial year, the Group entered into an interest rate swap hedging arrangement to hedge 25% of the outstanding amount which is subject to fixed interest rate of 1.90% + 1.00% per annum and receives cash flows at floating rates. The notional amount of the interest rate swap arrangement as at 31 December 2016 was RM241,693,000 (2015: RM231,426,000) and will mature on 6 May 2022. In the current financial year, the Group entered into an additional interest rate swap arrangement to hedge 23% of the term loan facility. Under this arrangement, the Group pays fixed interest rate of 1.96% + 1.00% per annum and receives cash flows at floating rates. The notional amount of the interest rate swap arrangement as at 31 December 2016 was RM217,797,000 and the arrangement will mature on 4 July 2022. As disclosed in Note 15, upon completion of the equity buyback on 13 May 2016, GKL became a whollyowned subsidiary of the Corporation. Included in the net assets and liabilities acquired is GKL’s shareholders’ loan from PETRONAS of RM4,114,920,000 (USD1,060,000,000). The Group had in July 2016 made full repayment of the said shareholders’ loan and subsequently raised USD1.0 billion Term Loan Facility. This facility is subject to floating interest rate of 3 months LIBOR + 0.50%. Pursuant to the acquisition of the remaining 50% equity interest in Paramount Tankers Corporation in the current financial year, Paramount Tankers Corporation became a wholly-owned subsidiary of the Group. Included in the net assets and liabilities acquired is a term loan of RM657,150,000 (USD163,328,000) as at acquisition date. MISC BERHAD • Annual Report 2016 256 notes to the financial statements - 31 december 2016
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