NOTE 15 - EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS

As of 31 December 2019, no drawdowns had been made on the Working Capital Facility or the KfW Facility.

Please refer to note 2 for further information on the Company’s liquidity and capital resources and notes 20 and 21 for further information on interest rate swaps and financial risks.


		2019				2018				2017
	Fixed/		Effective		Carrying		Effective		Carrying		Effective		Carrying
USDm	floating	Maturity	interest 1)		value 2)	Maturity	interest 1)		value 2)	Maturity	interest 1)		value 2)
BORROWINGS
DSF Facility 1 (USD)	Floating	2021	4.7	%	50.0	2021	5.6	%	64.1	2021	5.4	%	74.2
TFA Facility 1 (USD) 3)	Floating	2021	5.1	%	237.3	2021	6.0	%	331.3	2021	5.0	%	400.8
DSF Facility 2 (USD)	Floating	2021	4.7	%	48.2	2021	5.6	%	52.4	2021	5.0	%	56.5
DSF Facility 3 (USD)	Floating	2022	4.7	%	21.8	2022	5.6	%	24.3	2022	5.1	%	26.8
TFA Facility 2 (USD) 3)	Floating	2022	5.1	%	75.2	2022	5.4	%	103.7	2022	5.4	%	115.0
ING (USD) 3)	Floating	2024	4.1	%	35.5	2024	4.6	%	42.0	2024	4.6	%	45.8
CEXIM (USD)	Floating	2030	4.4	%	104.0	2030	5.3	%	111.7	—	—		—
ABN AMRO (USD) 3)	Floating	2024	4.2	%	21.1	—	—		—	—	—		—
DSF Facility 4 (USD)	Floating	2026	4.4	%	86.5	—	—		—	—	—		—
Bocomm (USD)	Floating	2025	5.5	%	63.9	—	—		—	—	—		—
Springliner (USD)	Fixed	2026	5.5	%	60.3	2022	8.9	%	25.3	2022	8.9	%	28.2
Eifuku (USD)	Floating	2026	5.3	%	25.7	—	—		—	—	—		—
Showa (USD)	Floating	2024	5.1	%	25.2	—	—		—	—	—		—
Weighted average effective interest rate			4.9	%			5.8	%			5.2	%
Carrying value					854.7				754.8				747.3

Hereof non-current 4)					756.0				659.4				651.6
Hereof current 4)					98.7				95.4				95.7

1) Effective interest rate includes deferred and amortized bank fees.

2) Because of the floating interest rate, the carrying value of the Group's borrowings is approximately equal to the fair value. The carrying value is excluding capitalized bank fees recognized in the balance sheet as well as lease liabilities regarding right-of-use assets recognized under Land and buildings and Other plant and equipment.

³⁾ Refinanced on 6 February 2020

⁴⁾ Split between current and non-current is based on terms in effect as of 31 December, without consideration to the refinancing taking place in 2020.

The table below shows the effective interest and the value of the outstanding mortgage debt and bank loans.