NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 7. FINANCE COSTS 2021 2020 US$’000 US$’000 Interest expense on bank loans 89,520 84,766 Interest expense on other borrowings 1,457 5,005 Interest expense on bonds 62,778 60,530 Interest expense on convertible bonds 5,239 1,334 Interest accretion on convertible bonds (note (i)) 9,772 2,457 Interest expense on lease liabilities 580 1,591 169,346 155,683 Less: Interest capitalised (5,797) (8,269) 163,549 147,414 Note: (i) Related to non-cash portion associated with the equity element of the convertible bonds. E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 175
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