71
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
16. Borrowings
(continued)
b) Term loans
(continued)
(iv) US$5.92 million Loan
This loan, with current book value of TT$38.9 million (2011: TT$33.8 million), is secured by a charge on assets
of the TCL Group and carries a floating rate of interest of 6 month Libor plus 425 basis points. This represents
the termination of the interest rate swap in 2011 which was converted into a loan.
(v) US$25 million commercial paper
This loan, with current book value of TT$192.6million (2011: TT$160.8million), is secured by a charge on assets
of the TCLGroup and carries a fixed rate of interest of 7.25% per annum plus 200 basis points with 4% Floor on
Libor.
(vi) TT$18.5 million Loan
This loan, with a current book value of TT$2.9 million (2011: TT$5.8 million), is secured by a charge on the fixed
and floating assets of Readymix (West Indies) Limited and carries a floating rate of interest.
(vii) Other Term Loans
Loans obtained by the Jamaica subsidiary with current book value of TT$0.2 million (2011: TT$0.4 million) are
secured by a bill of sale over certain of the subsidiary’s motor vehicles and carries interest with rates ranging
from 20.0%-21.75% per annum.
c) Other Bank Term Loans $484.9 million (2011: $408.3 million)
These loans, with current book value of $465.3 million (2011: $381.8 million) represent former overdraft and
short term loans converted into medium term loans as part of the debt restructuring. The loans are denominated
in Trinidad and Tobago, Barbados, Jamaican and United States dollars and carry interest with rates ranging from
6.25% to 24.5% and are secured by the assets of the Group.
Loans with a current book value of $19.6 million (2011: $26.5 million) are unsecured TT Dollar loans with rates
ranging from 6% to 10%. Included in these unsecured loans are callable borrowings of $16.7 million.
d) Finance leases
Included in total borrowings are finance leases amounting to $2.3 million (2011: $5.3 million). The minimum lease
payments under these finance leases are as follows:
2012
2011
$
$
Due not more than one year
1,097
2,731
Due in years two to five
1,617
3,380
Total minimum lease payments
2,714
6,111
Less: Finance charges
(372)
(826)
Total net present value
2,342
5,285
