14	Loans and borrowings


	2021		2020
(in $ millions)	$		$
Non-current
Bank loans		55		91
Term loan		1,875		—
Lease liabilities		101		20

		2,031		111

Current
Bank loans		83		121
Term loan		39		—
Lease liabilities		22		19

		144		140

A significant portion of the bank loans are secured by the Group’s motor vehicles with a carrying amount of $247 million

(2020: $294 million) (see Note 5).

During the year ended Dec 31, 2021, the Group entered into term loan financing of

$2,000 million secured against assets of the Company and certain subsidiaries. These assets include intellectual property, bank accounts, receivables, property and any proceeds from the sale or disposal of these assets. The term loan facility matures in January 2026 and requires quarterly principal payments of 0.25%

of the original principal amount per quarter, with any remaining balance payable in January 2026. The term loan credit agreement contains certain affirmative and negative covenants applicable to Grab and certain of Grab’s subsidiaries, including, among other things, restrictions on indebtedness, liens, and fundamental changes.

The term loan interest coupon is based on a choice of a variable benchmark rate subject to a floor (see Note 14(i) for the interest rate set based on contractual terms).

The Group has borrowings denominated in Singapore Dollars (“SGD”), Malaysian Ringgit (“MYR”), Indonesian Rupiah (“IDR”) and Thailand Baht (“THB”).

i)	Terms and debt repayment schedule

Terms and conditions of outstanding loans and borrowings (including lease liabilities) are as follows:


	Currency		Nominal interest rate		Year of maturity		Carrying amount
			%				$
2021
Bank loans		SGD		1.5% to 2.16%		2022-2026		77
Bank loans		SGD		COF* + 1% to 1.1%		2022-2024		11
Bank loans		MYR		3.09%		2022-2024		8
Bank loans		IDR		2.48% to 11.5%		2022-2025		15
Bank loans		IDR		COF* + 1.75% to 2.00%		2022-2025		12
Bank loans		THB		COF* + 7.0%		2022		15
Term loan		USD		5.5% ( based on contractual terms)		2026		1,914
Lease liabilities		Multiple		1.85% to 11%		2022-2037		123

								2,175

2020
Bank loans		SGD		1.82% to 2.16%		2021-2026		110
Bank loans		SGD		COF* + 0.85% to 1.1%		2021-2025		29
Bank loans		MYR		3.09%		2021-2024		12
Bank loans		IDR		2.48% to 11.5%		2021-2025		36
Bank loans		IDR		COF* + 1.75% to 2.00%		2021-2025		21
Bank loans		THB		COF* + 7.0%		2021		4
Lease liabilities		Multiple		1.85% to 11%		2021-2030		39

								251

cost of funds

ii)	Breach of loan covenant

The Group has bank loans in Indonesia with carrying amounts as at December 31, 2021 of $20 million (2020: $39

million) which are repayable within 4 years. These loans which are secured against motor vehicles contain financial covenants which include debt service coverage ratios and net-worth based measures which have been breached in 2021 (and were breached in 2020).

The outstanding balances of these loans are therefore presented as current liabilities. However, the lenders have provided written acknowledgements that the loans are in good standing and it is not their intention to call the loans on demand. The banks have not requested early repayment of these loans as of the date of approval of these consolidated financial statements by the Board of Directors.

iii)	Financial risk management

Information about the exposure of loans and borrowings to relevant financial risks (interest rate, foreign currency and liquidity risk) is disclosed in Note 25.

iv)	Reconciliation of movements of liabilities to cash flows arising from financing activities


	Liabilities
	Convertible redeemable preference shares (Note 11)			Bank loans			Term loan			Lease liabilities			Equity component of convertible redeemable preference shares			Total
(in $ millions)	$			$			$			$			$			$
Balance at January 1, 2021		10,767			212			—			39			3,850			14,868
Changes from financing cash flows
Proceeds from issuance of CRPS		436			—			—			—			27			463
Proceeds from bank loans		—			60			1,920			—			—			1,980
Payment of bank loans		—			(151	)		(25	)		—			—			(176	)
Payment of lease liabilities		—			—			—			(24	)		—			(24	)
Interest paid		—			(23	)		(83	)		(2	)		—			(108	)
Total changes from financing cash flows		436			(114	)		1,812			(26	)		27			2,135
Effect of changes in foreign exchange rates		—			(3	)		(1	)		(1	)		—			(5	)
Other changes
Liability-related
Recognition of lease liabilities		—			—			—			106			—			106
Derecognition of lease liabilities		—			—			—			*			—			*
Secured bank loans for asset acquisition		—			20			—			—			—			20
Interest expense		1,570			23			103			5			—			1,701
CRPS converted to GHL ordinary shares		(12,773	)		—			—			—			(3,877	)		(16,650	)
Total liability-related other changes		(11,203	)		43			103			111			(3,877	)		(14,823	)
Balance at December 31, 2021		—			138			1,914			123			—			2,175


	Liabilities
	Convertible redeemable preference shares (Note 11)		Bank loans			Term loan		Lease liabilities			Equity component of convertible redeemable preference shares		Total
(in $ millions)	$		$			$		$			$		$

Balance at January 1, 2020		8,256		296			—		49			3,552		12,153
Changes from financing cash flows
Proceeds from issuance of CRPS		1,091		—			—		—			298		1,389
Proceeds from bank loans		—		8			—		—			—		8
Payment of bank loans		—		(106	)		—		—			—		(106	)
Payment of lease liabilities		—		—			—		(30	)		—		(30	)
Interest paid		—		(14	)		—		(3	)		—		(17	)

Total changes from financing cash flows		1,091		(112	)		—		(33	)		298		1,244

The effect of changes in foreign exchange rates		—		(3	)		—		1			—		(2	)

Other changes
Liability-related
Issuance of CRPS		4		—			—		—			—		4
Recognition of lease liabilities		—		—			—		24			—		24
Derecognition of lease liabilities		—		—			—		(5	)		—		(5	)
Secured bank loans for asset acquisition		—		17			—		—			—		17
Interest expense		1,416		14			—		3			—		1,433
Total liability-related other changes		1,420		31			—		22			—		1,473

Balance at December 31, 2020		10,767		212			—		39			3,850		14,868