19. LOANS AND BORROWINGS (CONTINUED) 19.1 The term loans at the end of the reporting period bore floating interest rates ranging from 2.75% to 5.60% (31.12.2023: 2.75% to 5.60%) per annum and are secured by: (i) a first party legal charge over certain freehold land, buildings and capital work-in-progress as disclosed in Note 3 to the financial statements; (ii) a corporate guarantee of the Company; and (iii) pledges over deposits with licensed banks through an execution of Memorandum of Deposit as disclosed in Note 15 to the financial statements. 19.2 In July 2021, the Group entered into a senior secured bond agreement for a three-year term through its indirect subsidiary, Ping Petroleum UK PLC with a nominal value of USD50.0 million. The senior secured bond had a fixed interest rate of 12% per annum and was secured by: (i) a pledge over an Escrow Account; and (ii) a pledge over an interest retention account. The senior secured bond was fully settled during the financial year. 19.3 The revolving credits at the end of the reporting period bore floating interest rates ranging from 5.00% to 5.97% (31.12.2023: 5.95%) per annum and are secured by: (i) first party legal charge over Memorandum of Deposit; and (ii) Letter of Set-Off over Islamic Term Deposit-i. 19.4 Other bank facilities represent invoice financing which at the end of the reporting period bore interest rates ranging from 7.31% to 7.63% (31.12.2023: Nil) per annum and are secured by: (i) Deed of Assignment of contract proceeds; (ii) first party legal charge over fixed deposits; and (iii) corporate guarantees of the Company and a wholly-owned subsidiary of the Company. 19.5 The bank overdrafts at the end of the reporting period bore floating interest rates ranging from 5.10% to 8.65% (31.12.2023: 5.10%) per annum and are secured by: (i) pledges over deposits with licensed banks through an execution of Memorandum of Deposit as disclosed in Note 15 to the financial statements; (ii) a standing instruction against sinking funds account; and (iii) a corporate guarantee of the Company. 163 Financial Statements DAGANG NeXCHANGE BERHAD Integrated Report 2024 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024
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