MISC Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS MISC BERHAD | Annual Report 2017 242 18. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D.) (c) Interest-bearing loans and borrowings (cont'd.) Group Corporation 2017 RM'000 2016 RM'000 2017 RM'000 2016 RM'000 Total borrowings Term loans 10,726,148 10,832,551 - - Revolving credits 937,745 1,748,955 121,785 807,209 Sukuk Murabahah - 20,000 - - Loans from subsidiaries - - 7,102,782 8,930,517 11,663,893 12,601,506 7,224,567 9,737,726 (i) (a) The Group raised USD212.8 million Term Loan Facility on 25 March 2015. In the previous financial year, the Group had entered into interest rate swap hedging arrangements as disclosed in Note 18 (b)(ii)(a). (b) In the previous financial year, the Group raised USD1.0 billion Term Loan Facility. This facility matured on 26 July 2017. However, the Group has extended its maturity to 26 July 2018. (c) Included in the net assets and liabilities of Paramount Tankers, acquired in the previous financial year, is a term loan of RM657,150,000 (USD163,328,000). This facility matures on 15 December 2020. The outstanding balance of the related term loan is amounting to RM579,812,000 as at 31 December 2017. (d) On 27 July 2017, the Group raised USD152.5 million and USD153.0 million Term Loan Facility for its subsidiaries. Both facilities mature on 27 June 2029. The Group had entered into interest rate swap hedging arrangements as disclosed in Note 18 (b)(ii)(b). (e) On 31 July 2017, the Group raised USD180.0 million of Term Loan. This facility matures on 3 February 2018. (ii) In the current financial year, the Group and the Corporation had extended the revolving credit facilities of USD376,000,000 to 28 August 2018. (iii) The Group had in September 2016 issued RM20.0 million Sukuk Murabahah which is subject to fixed interest rate of 4.60% per annum. The said Sukuk loan has been fully paid during the current financial year. The secured term loans are secured by mortgages over certain ships, together with charter agreements and insurance of the relevant assets. The carrying values of the ships pledged are stated in Note 12(a).