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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 

## 21. INTEREST-BEARING LOANS AND BORROWINGS 

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$450,000,000 bank loan facility - secured 

The loans are repayable on 9 March 2015� It is intended that the loans will be renewed at maturity date� The facility comprises two facilities: 

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## (a) Fair values 

The carrying amount of our current and non-current borrowings approximates their fair value� 

## (b) Interest rate, foreign exchange and liquidity risk 

Details regarding interest rate, foreign exchange and liquidity risk is disclosed in note 4� 

## (c) Assets pledged as security 

Financing facilities are provided on a secured basis, with security given over all fixed and floating assets� 

## (d) Defaults and breaches 

During the current and prior years, there were no defaults or breaches on any of the loans� 

## (e) Financing arrangements 

We have the following financing facilities: 

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Financial covenants in place include debt cover ratios, gearing ratio and consolidated net worth� 

