IGO Interactive Annual Report 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2019 Notes to the consolidated financial statements 30 June 2019 (continued) Capital structure and financing activities This section of the notes provides further information about the Group's borrowings, contributed equity, reserves, accumulated losses and dividends, including accounting policies relevant to understanding these items. 16 Borrowings 2019 $'000 2018 $'000 Current Unsecured Bank loans 56,226 56,226 Total current borrowings 56,226 56,226 Non-current Unsecured Bank loans 28,363 84,589 Total non-current borrowings 28,363 84,589 (a) Corporate loan facility In July 2015, the Company entered into a Syndicated Facility Agreement (Facility Agreement) with National Australia Bank Limited, Australia and New Zealand Banking Group Limited and Commonwealth Bank of Australia Limited for a $550,000,000 unsecured committed term finance facility comprising: a five year $350,000,000 amortising loan facility and a five year $200,000,000 revolving loan facility. Subsequent restructures, cancellations and repayments of the Facility Agreement have resulted in an outstanding balance of the amortising loan facility of $85,716,000 which expires in September 2020. Transaction costs are accounted for under the effective interest rate method. These costs are incremental costs that are directly attributable to the loan and include loan origination fees, commitment fees and legal fees. At 30 June 2019, a balance of unamortised transaction costs of $1,127,000 (2018: $2,043,000) was offset against the bank loans contractual liability of $85,716,000 (2018: $142,858,000). Total capitalised transaction costs to 30 June 2019 are $5,495,000 (2018: $5,495,000). The Facility Agreement has certain financial covenants that the Company has to comply with. All such financial covenants have been complied with in accordance with the Facility Agreement. (b) Assets pledged as security There were no assets pledged as security at 30 June 2019 (2018: $nil). Independence Group NL 32 94 — IGO ANNUAL REPORT 2019
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