Growthpoint Interactive Half Year Report 2018

Growthpoint Properties Australia 2018 Half Year Report 42 Notes to the Financial Statements continued Section 3: Capital structure and financing costs 3.1 Interest bearing liabilities The table below summarises the movements in the Group’s interest bearing liabilities during the six months to 31 December 2017. Opening balance 1 Jul 2017 Movement during period Closing balance 31 Dec 2017 Facility limit Maturity $’000 $’000 $’000 $’000 Secured loans Syndicated bank facility - Facility B 100,000 - 100,000 100,000 Mar-19 - Facility C 245,000 (10,900) 234,100 245,000 Dec-19 - Facility D 52,144 (52,144) - 70,000 Dec-19 - Facility E 100,000 - 100,000 100,000 Jun-19 - Facility G 150,000 - 150,000 150,000 Sep-21 - Facility H - - - 75,000 Sep-20 - Facility I - - - 75,000 Nov-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 (63,044) 1,242,582 1,473,482 Less unamortised upfront costs (6,246) 850 (5,396) Total interest bearing liabilities 1,299,380 (62,194) 1,237,186 The weighted average all-in interest rate (including bank margin and amortisation of upfront fees paid) at 31 December 2017 was 4.38% per annum (30 June 2017: 4.29% per annum). Refer to note 3.2 for details on interest rate swaps. 3.2 Derivative financial instruments Determination of fair value The fair value of interest rate and cross currency swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a substitute instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group entity and counterparty when appropriate. in this section ... This section outlines how the Group manages its capital and related financing costs.