NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E4 Borrowings (continued) (b) Commercial papers Group 2024 2023 $’000 $’000 Principal 1,821,720 1,901,135 Unamortised interest (2,577) (2,305) Unamortised costs (180) (143) 1,818,963 1,898,687 At the end of the financial year, commercial papers issued under the US$3.0 billion U.S. Commercial Paper Programme, which are denominated in United States Dollars, are unsecured and due in 2025 (2023: 2024) with interest rates ranging from 4.42% to 4.66% (2023: 5.35% to 5.43%) per annum. (c) Medium-term notes Group 2024 2023 $’000 $’000 Principal 3,060,000 2,969,100 Unamortised discount (9,826) (12,599) 3,050,174 2,956,501 Unamortised discount: At the beginning of the year 12,599 11,476 Additions – 4,010 Amortisation for the year (3,107) (2,657) Translation difference 334 (230) At the end of the year 9,826 12,599 On 29 April 2020, the Group issued US$750 million 1.50% notes due in 2025 under its S$5.0 billion Multicurrency Medium Term Note Programme. The bonds bore interest at a fixed rate of 1.50% per annum and interest was payable every six months from the date of issue. The bonds were unconditionally and irrevocably guaranteed by the Company. On 5 May 2022, the Group issued US$700 million of 5-year bonds and US$300 million of 10-year bonds. The bonds bore interest at a fixed rate of 3.375% and 3.75% per annum and interest was payable every six months from the date of issue. The bonds were unconditionally and irrevocably guaranteed by the Company. On 24 May 2023, the Group issued US$500 million of 3-year bonds. The bonds bore interest at a fixed rate of 4.125% per annum and interest was payable every six months from the date of issue. The bonds were unconditionally and irrevocably guaranteed by the Company. 224 ST ENGINEERING | ANNUAL REPORT 2024
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