18. BORROWINGS (continued) Measurement of fair value (continued) (d) All-in interest rates The blended all-in interest rate of the aggregate facilities for the quarter and 12 months ended 31 December 2024 was 9.4% (2023: 7.6%) and 8.8% (2023: 7.2%) respectively. The blended all-in running interest rate for the quarter and 12 months ended 31 December 2024 was 9.1% (2023: 6.7%) and 8.2% (2023: 6.3%) per annum respectively. At the end of the period, the aggregate leverage for the Group was 56.5% (31 December 2023: 57.9%) and the interest coverage ratio was 1.64 times (31 December 2023: 2.11 times). (e) Occurrence of events of default The Onshore Facility agreement and the Offshore Facility agreement have cross-default provisions, where default of the Offshore Facility shall automatically trigger default of the Onshore Facility and vice versa. As at 31 December 2024, the events of default which have occurred for the Offshore Facility include but are not limited to: (i) Clause 6.1 (Repayment), the Offshore Borrowers shall repay the Offshore loans on the maturity date (30 April 2024) and each borrower may not reborrow any part of Offshore Facility which is repaid; (ii) Clause 7.5(e) (Mandatory prepayment), if the maximum aggregate amount of the Onshore and Offshore loans outstanding exceeds the lowest of (i) S$498,000,000, (ii) 45% of the aggregate valuation of the Properties and (iii) 40% of the deposited property of ECW (the “Relevant Prepayment Conditions”), the Borrowers shall within three (3) business days upon notification repay or prepay the loans such that the maximum aggregate amount of the Onshore and Offshore loans outstanding will be no more than the lowest of Relevant Prepayment Conditions; (iii) Clause 7.8 (Delisting/Suspension of Trading), if the Units are delisted or suspended from trading for more than five (5) consecutive trading days (or such longer period as may be agreed by all the lenders); (iv) Clause 18.23(c) and (g) (Properties), FZDS are free from security, restrictions and onerous covenants other than those created pursuant to any of the finance documents; (v) Clause 18.26(c) (No Financial Indebtedness, guarantees or Security), no security or quasi security exists over all or any of the undertakings, assets or revenues of any member of the Group other than as permitted under Clause 21.3(b) (Negative Pledge); (vi) Clause 21.3 (Negative pledge), no member of the Group shall create or permit to subsist any security or quasi security over any of their respective undertakings, assets or revenues; (vii) Clause 21.20 (Onshore Borrower and Obligor Covenants), the Onshore Borrowers and the other onshore guarantors to comply with each of the covenants and agreements in favour of the onshore finance parties in the onshore finance documents and each other obligor to comply with each of the covenants and agreements in favour of the security agent in the relevant security documents; (viii) Clause 21.22(g) (Conditions subsequent), the proposed divestment shall take place by no later than the divestment longstop date unless the facility agent is satisfied that, on or before the divestment longstop date, an amount equal to the relevant mandatory prepayment amount has been paid by the borrowers and/or the guarantors; and ANNUAL REPORT 2024 107 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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