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12. Long-term BorrowingsGroupCompany2006 2005 2006 2005$’000 $’000 $’000 $’000Borrowings under MTN Programme 369,750 765,750 369,750 765,750Liability component of convertible bond 257,639 - 257,639 -Bank borrowings:Secured 267,517 104,657 - -Unsecured 370,000 588,660 370,000 420,670637,517 693,317 370,000 420,670Loans from related companies, unsecured 846,201 1,166,206 484,719 524,192Total 2,111,107 2,625,273 1,482,108 1,710,612The Company has a US$800 million Multicurrency Medium Term Note (“MTN”) Programme under which it can issuenotes in series or tranches and may be denominated in Singapore dollars, United States dollars or other currency deemedappropriate at the time.Notes which were outstanding at balance sheet date amounted to $369,750,000. The notes are unsecured and comprise(a) fixed rate notes due in 2008 of $30,000,000, and (b) variable rate notes due in 2008 of $79,750,000, 2009 of$50,000,000, 2010 of $150,000,000, 2012 of $15,000,000 and 2013 of $45,000,000. Interest payable is based on moneymarkets rates ranging from 2.35% to 4.2% (2005: 1.26% to 4.39%) per annum. Variable rate notes are repriced within 3to 6 months.The Group’s secured bank borrowings bear interest at rates of 3.1% to 12.69% (2005: 2.88% to 16.02%) per annum,repriced within 1 to 12 months. The securities are mortgages of properties held by subsidiary companies and arerepayable between 2 to 5 years.Interest on the Group’s unsecured bank borrowings is payable at rates ranging from 2.95% to 4.23% (2005: 1.7% to4.91%) per annum, repriced every 6 months and are repayable between 2 to 5 years.The above long-term borrowings are repayable between 2 and 8 years. Borrowings repayable within 1 year are shownunder current liabilities.Loans from related companies have no fixed terms of repayment and are not expected to be repaid over the next 12months. Interest is payable at rates ranging from 3.6% to 6.59% (2005: 1.85% to 6.23%) per annum and are repriceddaily or within 7 days to 3 months.Convertible BondOn 23 June 2006, the Company issued $300,000,000 2.5%, 7-year convertible bond. Interest is payable semi-annually.The bond maturing on 23 June 2013 is convertible at the option of bondholders to ordinary shares of the Company at theconversion price of $6.55 per share. Any bondholder may request that the Company redeems all or some of its bonds on23 June 2011 or in the event that the Company’s shares ceased to be listed or admitted to trading on the SingaporeExchange Securities Trading Limited.Notes to the financial statementsKeppel Land LimitedReport to Shareholders 2006199