ANNUAL%20REPORT%202015%20eng

Notes to Consolidated Financial Statements
23 BORROWINGS
(a)
The Group’s long-term interest-bearing borrowings comprise:
2015 2014
USD’000 USD’000
Bank loan
– secured 144,818 241,636
– unsecured 40,000 40,000
Less: Current portion of long-term borrowings
less amortised transaction costs (182,631) (114,818)
Less: Unamortised transaction costs (2,187) (4,840)
— 161,978
As at 31 December 2015, the Group’s long-term interest-bearing borrowings from European Bank for
Reconstruction and Development, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden
N.V., and Deutsche Investitions-und Entwicklungsgesellschaft mbH were due within one year, which
were with principal amount of USD40,909,000 (2014: USD81,818,000), USD6,545,000 (2014:
USD13,091,000) and USD4,364,000 (2014: USD8,727,000), respectively, bearing interest of one month
LIBOR + 3.5%~3.75% per annum, and were secured by the Group’s property, plant and equipment (see
Note 13) and cash at bank (see Note 22).
As at 31 December 2015, the Group’s long-term interest-bearing borrowings from BNP Paribas,
Singapore Branch and Industrial and Commercial Bank of China Limited (the “BNP and ICBC
Facility”) of USD93,000,000 (2014: USD138,000,000) were due within one year, which were with
principal amount, bearing interest of 3 months LIBOR + 6.00% per annum, and were secured by the
Group’s cash at bank (see Note 22) and inventories (see Note 20). The attributable transaction cost
amounts to USD2,008,000 as at 31 December 2015. The BNP Paribas facility was initially contracted
with Standard Bank Plc. On 18 December 2013, the Standard Bank Plc transferred all of its rights,
title and interest in (and obligations under) the facility to BNP Paribas, Singapore Branch. On 5 March
2014, the facility was refinanced to a facilities agreement with two international banks as arrangers and
original lenders, BNP Paribas Singapore Branch and Industrial and Commercial Bank of China Limited.
The BNP and ICBC Facility is a coal pre-export loan facility of USD150,000,000 bearing interest of
LIBOR + 6.00% per annum.
In March 2014, the Group refinanced short-term loans of USD40,000,000 into a revolving credit
facility, and extended its maturity date to 20 March 2015 with an interest of 10.0% per annum. On 31
December 2014, the maturity date was extended to 20 March 2016, and interest for the extension
period is 11.20% per annum. On 21 March 2016, the maturity date was further extended to 20 June
2016, and interest for the extension period is 11.20% per annum.
168
Annual Report 2015