Skip to main content

Debt facilities

£m £m Maturity
6.5% secured bonds 175 March 2026
3.99% secured loan 83 October 2024
1.125% unsecured convertible bonds 150 July 2019
2.68% unsecured private placement notes55January 2026
2.87% unsecured private placement notes93January 2029
4.41% unsecured private placement notes 25 January 2029
2.97% unsecured private placement notes50January 2031
3.09% unsecured private placement notes52January 2034
4.68% unsecured private placement notes 75 January 2034
3.46% unsecured private placement notes 30 May 2028
3.57% unsecured private placement notes 75 May 2031
Non-bank loans 863
Bilateral term - secured 28 July 2022
Bilateral revolving credit - unsecured 75 July 2022
Club revolving credit - unsecured 450 January 2022
Committed bank facilities 553
At 31 December 2018 1,416

The maturity profile of these facilities is shown graphically below:

Maturity profile of debt facilities (as at 31 March 2019):

Debt Information image

The structure of our loans and the use of interest rate hedging together provide protection against changes in interest rates. The profile of fixed rates and swaps is shown below:

Maturity profile of fixed dates and swaps (as at 31 March 2019):

Debt Information image

1Excludes forward-start swaps

Our net debt and key debt ratios are shown below:

Net debt

Dec 2018

£m

Jun 2018
£m
Bank facilities 297.5171.5
3.99% secured loan 2024 83.083.0
6.5% secured bonds 2026 175.0175.0
Acquired fair value of secured bonds less amortisation 11.812.4
4.41% unsecured private placement notes 2029 25.025.0
4.68% unsecured private placement notes 2034 75.075.0
3.46% unsecured private placement notes 2028 30.030.0
3.57% unsecured private placement notes 2031 75.075.0
1.125% unsecured convertible bonds 2019 150.0150.0
Equity components and unwinding of discounts on convertible bonds (1.3)(2.4)
Leasehold liabilities 60.756.0
Unamortised issue and arrangement costs (6.5)(7.6)
Cash(18.3)(21.4)
Net debt 956.9821.5

Gearing and interest cover ratio

Dec 2018
%

Jun 2018

%

Loan-to-value ratio 17.215.2
NAV gearing 22.419.6
Net interest cover ratio 491.0514.0

Debt summary

Dec 2018
£m
Jun 2018

£m

Bank loans
Floating rate269.5143.5
Swapped28.028.0
297.5171.5
Non-banking debt
Fixed rate secured loan 202483.083.0
Fixed rate secured bonds 2026175.0175.0
Fixed rate unsecured bonds 2019150.0150.0
Fixed rate unsecured loan 202925.025.0
Fixed rate unsecured loan 203475.075.0
Fixed rate unsecured loan 202830.030.0
Fixed rate unsecured loan 203175.075.0
613.0613.0
Total debt (nominal values)910.5784.5
Hedging profile (%)
Fixed6778
Swaps34
7082
Percentage of debt that is unsecured (%)6964
Percentage of non-bank debt (%)6778
Weighted average interest rate (%) - cash basis3.433.56
Weighted average interest rate (%) - IFRS basis3.683.86
Weighted average maturity of facilities (years)5.35.8
Weighted average maturity of borrowings (years)5.96.8
Unutilised facilities and cash274403
Uncharged properties4,1173,985