- 44 - Tranche 4 amounting to Baht 2,000 million for 10 years with a fixed interest rate at 3.38% per annum, it will be matured on May 20, 2031. Tranche 5 amounting to Baht 2,000 million for 15 years with a fixed interest rate at 4.10% per annum, it will be matured on May 20, 2036. Interest is payable on every May 20th and November 20th throughout the debentures’ period for all tranches. Under the terms of the debentures, the Company has to comply with certain conditions as stipulated, such as not creating any future lien or other security interest of the Group, maintaining direct and indirect ownership interest of PTT Public Company Limited in the Company and maintaining debt to equity ratio, etc. As at December 31, 2021, the Company has fully complied with such conditions. The movement of long-term borrowings from financial institutions and debentures for the year ended December 31, 2021 is as follows: Unit : Million Baht Consolidated and Separate financial statements Opening net book amount 61,931 Issue debenture 12,000 Repayment of debenture (6,890) Repayment of long-term borrowings (6,450) Unrealised loss on exchange rate 474 Financing cost of issue debenture (17) Amortisation of deferred financing fees 25 Amortisation of discount on debentures 6 Closing net book amount 61,079 19.2 Interest rates on borrowings and debentures The interest rates on borrowings and debentures of the Group as at December 31, are as follows: Unit : Million Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Debentures at fixed interest rates 23,972 18,873 23,972 18,873 Long-term borrowings at floating interest rates 37,107 43,058 37,107 43,058 61,079 61,931 61,079 61,931 Unit : Million Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Effective interest rates (%) Debentures 1.77 - 4.40 2.76 - 4.96 1.77 - 4.40 2.76 - 4.96 Long-term borrowings from financial institutions 1.35 - 2.97 1.40 - 2.99 1.35 - 2.97 1.40 - 2.99 346 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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