Growthpoint Interactive Annual Report 2018

Section 3: Capital structure and financing costs 3.1 Interest bearing liabilities Accounting policies Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the date of the Consolidated Statement of Financial Position. Interest bearing liabilities The table below summarises the movements in the Group’s interest bearing liabilities during the year. Opening balance 1 July 2017 Movement during period Balance as at 30 June 2018 Facility limit Maturity $’000 $’000 $’000 $’000 Secured loans Syndicated bank facility – Facility B 100,000 - 100,000 100,000 Mar-23 – Facility C 245,000 - 245,000 245,000 Dec-21 – Facility D 52,144 17,856 70,000 70,000 Dec-21 – Facility E 100,000 - 100,000 150,000 Jun-23 – Facility G 150,000 (120,000) 30,000 150,000 Sep-21 – Facility I - - - 75,000 Nov-20 – Facility H - - - 75,000 Sep-20 Loan note 1 200,000 - 200,000 200,000 Mar-25 Loan note 2 100,000 - 100,000 100,000 Dec-22 Loan note 3 60,000 - 60,000 60,000 Dec-22 Fixed bank facility 1 90,000 - 90,000 90,000 Dec-22 USPP 1 130,344 - 130,344 130,344 Jun-27 USPP 2 52,138 - 52,138 52,138 Jun-29 USPP 3 26,000 - 26,000 26,000 Jun-29 Total loans 1,305,626 (102,144) 1,203,482 1,523,482 Less unamortised upfront costs (6,246) 319 (5,927) Total interest bearing liabilities 1,299,380 (101,825) 1,197,555 The weighted average all-in interest rate on interest bearing liabilities (including bank margin and amortisation of upfront fees paid) at 30 June 2018 was 4.44% per annum (2017: 4.29% per annum). Refer to note 3.3 for details on interest rate and cross currency swaps. Fair value The carrying amounts are not materially different to the fair values of borrowings at balance sheet date since the interest payable on those borrowings is close to current market rates. in this section ... This section outlines how the Group manages its capital and related financing costs. Growthpoint Properties Australia 2018 Annual Report 75 Financial Report Portfolio Review Financial Management Business Overview Governance Additional Information