Loan facilities and lines of credit

12 Months Ended

Dec. 31, 2023

32.	Loan facilities and lines of credit

As of December 31, 2023, the Group’s loan facilities were classified into different types as follows:


	As of December 31, 2023
	(RMB in millions)
Unsecured senior notes (Note 17)		10,411
Unsecured borrowings (*)		25,202
Secured borrowings (**)		11,387

Total		47,000

(*)	As of December 31, 2023, the unsecured borrowings mainly consisted of borrowings without collaterals under loan facility agreements from well-known financial institutions. The major unsecured borrowings are listed as below.

In October 2021, the Group entered into a

one-year

HK$15,931 million term loan facility agreement. The term loans under this facility were priced at

basis points over Hong Kong Interbank Offered Rate (“HIBOR”) on and from the date of first loan made or to be made (“Initial Utilization Date”) to and including the date falling 6 months from the Initial Utilization Date, and thereafter at

basis points over HIBOR. In February and May 2022, the Group drew down HK$6,300 million and HK$2,741 million under the facility commitment, respectively, and the borrowings were fully repaid in February 2023. The Group entered into another

one-year

HK$9,041 million term loan facility agreement to refinance the loan and drew down all the facility in February 2023 and the borrowings were fully repaid in December 2023. In December 2023, the Group entered into a RMB8,500 million term loan agreement with interest rate at

basis poin

s below Loan Prime Rate (“LPR”) to refinance the loan and drew down RMB8,286 million, which was expected to be repaid

hrough

December 2028

in installments.

As of December 31, 2023,

RMB166 million and RMB8,120 million of

the borrowings were recorded in

short-term debts and

long-term borrowings in the consolidated balance sheets

, respectively

In December 2021, the Group entered into a

five-year

US$2,000 million unsecured term and revolving loan facility with 5 lead arrangers. The term and revolving loans under this facility were priced at

basis points over London Interbank Offered Rate, which was amended to the secured overnight financing rate (“SOFR”) in September

2022. In the second quarter of 2022

, the Group drew down US$

1,000

million under the facility commitment, which will be due in 2027. As of December 31, 2023, RMB

7,083

million of the borrowings above were recorded in long-term borrowings in the consolidated balance sheets and the undrawn balance was US$

1,000

million under the credit facilities agreement.

In December 2022, the Group entered into a seven-year RMB3,000 million term loan facility agreement. The term loans under this facility were priced at

145

basis points

below LPR.

The Group drew down RMB2,000 million and RMB1,000 million under the facility commitment in December 2022 and December 2023, respectively. In December 2023, the Group repaid the borrowings of RMB10 million. As of December 31, 2023, RMB45 million was recorded in short-term debts and RMB2,945 million borrowings were recorded in long-term borrowings in the consolidated balance sheets.

As of December 31, 2023, in addition to the above unsecured borrowings, RMB4,027 million and RMB2,816 million borrowings recorded in short-term debts and long-term borrowings, respectively, were without collaterals and borrowed from well-known financial institutions.

(**)

As of December 31, 2023, RMB796 million and RMB10,591 million borrowings, were recorded in short-term debts and long-term borrowings, respectively, with collaterals of RMB23,390

million which mainly comprised of construction in progress, buildings, land use rights and certain subsidiary’s equity interests measured at fair value.

As of December 31, 2023, the long-term borrowings, including the portion due within one year which were recoded in “short-term debts”, will be repaid according to the following schedule:


	As of December 31, 2023
	(RMB in millions)
2024		471
2025		3,836
2026		2,745
2027		8,239
2028		9,288
2029 and thereafter		7,447

		32,026

As of December 31, 2023, the weighted average interest rate for the outstanding short-term debts was 3.1% per annum.

As of December 31, 2023, the Group had agreements with reputable commercial banks for unsecured revolving lines of credit, and increased its revolving lines of credit to RMB164,333 million, which can be used for borrowings, bank acceptance, bank guarantee, etc., pursuant to the underlying agreements. The Group was in compliance with the financial covenants, if any, under those lines of credit as of December 31, 2023. As of December 31, 2023, under the lines of credit, the Group mainly had RMB120,695 million unused.