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Debt facilities

Note – the figures below are updated twice a year at H1 and Year End.

£m £m Maturity
1.5% unsecured convertible bonds175.0June 2025
6.5% secured bonds175.0March 2026
1.875% unsecured green bonds350.0November 2031
2.68% unsecured private placement notes55.0January 2026
3.46% unsecured private placement notes30.0May 2028
4.41% unsecured private placement notes 25.0 January 2029
2.87% unsecured private placement notes93.0January 2029
2.97% unsecured private placement notes50.0January 2031
3.57% unsecured private placement notes 75.0 May 2031
3.09% unsecured private placement notes52.0January 2034
4.68% unsecured private placement notes75.0January 2034
3.99% secured loan83.0October 2024
Other loans¹20.0n/a
Non-bank loans

1,258.0

Club revolving credit - unsecured²

450.0

October 2026
Bilateral revolving credit - unsecured 100.0 November 2027
Committed bank facilities 550.0
At 30 June 2023 1,808.0

¹No fixed repayment date

²Includes £300m green tranche

The maturity profile of these facilities is shown graphically below:

Maturity profile of debt facilities (as at 30 June 2023):

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 rates and swaps (as at 30 June 2023):

Debt Information image

¹Excludes forward-start swaps

Our net debt and key debt ratios are shown below:

Net debt

Jun 2023

£m

Dec 2022
£m
Bank facilities 27.5

0.0

3.99% secured loan 2024 83.083.0
6.5% secured bonds 2026 175.0175.0
1.5% unsecured convertible bonds 2025175.0175.0
1.875% unsecured green bonds 2031 350.0350.0
2.68% unsecured private placement notes 202655.055.0
3.46% unsecured private placement notes 202830.030.0
4.41% unsecured private placement notes 2029 25.025.0
2.87% unsecured private placement notes 202993.093.0
2.97% unsecured private placement notes 2031 50.050.0
3.57% unsecured private placement notes 2031 75.075.0
3.09% unsecured private placement notes 2034 52.052.0
4.68% unsecured private placement notes 203475.075.0
Other loans 20.0

19.7

Acquired fair value of secured bonds less amortisation5.8

6.5

Equity components and unwinding of discounts on convertible bonds(2.6)(3.3)
Unamortised discount on unsecured green bonds(1.6)(1.7)
Leasehold liabilities 34.8

35.0

Unamortised issue and arrangement costs (8.8)(10.1)
Cash at bank excluding restricted cash(39.1)(26.9)
Net debt

1,274.0

1,257.2

Gearing and interest cover ratio

Jun 2023
%
Dec 2022
%
EPRA Loan-to-value ratio 25.023.9
NAV gearing 32.930.8
Net interest cover ratio¹ 411423

¹ Including share of joint ventures

Debt summary

Jun 2023

£m

Dec 2022
£m
Bank loans
Floating rate27.5

0.0

27.5

0.0

Non-banking debt
Fixed rate secured loan 202483.083.0
Fixed rate secured bonds 2026175.0175.0
Fixed rate unsecured convertible bonds 2025175.0175.0
Fixed rate unsecured green bonds 2031350.0350.0
Fixed rate unsecured loan 202655.055.0
Fixed rate unsecured loan 202830.030.0
Fixed rate unsecured loan 202925.025.0
Fixed rate unsecured loan 202993.093.0
Fixed rate unsecured loan 203150.050.0
Fixed rate unsecured loan 203175.075.0
Fixed rate unsecured loan 203452.052.0
Fixed rate unsecured loan 203475.075.0
Other loans20.019.7
1,258.01,257.7
Total debt (nominal values)1,285.51,257.7
Hedging profile (%)
Fixed98

100

Swaps--
Floating2

-

100

100

Percentage of debt that is unsecured (%)80.079.5
Percentage of non-bank debt (%)98.0

100.0

Weighted average interest rate (%) - cash basis3.193.14
Weighted average interest rate (%) - IFRS basis3.323.26
Weighted average maturity of facilities (years)5.0

5.5

Weighted average maturity of borrowings (years)5.66.2
Unutilised facilities and cash562

577

Uncharged properties4,445

4,600