Debt Information
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 | |
| 4.41% unsecured private placement notes | 25 | January 2029 | |
| 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 | 613 | ||
| 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 2017 | 1,166 |
The maturity profile of these facilities is shown graphically below:
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:
1Excludes £40m, £70m and £75m forward-start swaps
Our net debt and key debt ratios are shown below:
Net debt
| Dec 2017 £m | Dec 2016 |
||
|---|---|---|---|
| Cash | (87.0) | (17.7) | |
| Bank facilities | 117.0 | 287.5 | |
| 3.99% secured loan 2024 | 83.0 | 83.0 | |
| 6.5% secured bonds 2026 | 175.0 | 175.0 | |
| Acquired fair value of secured bonds less amortisation | 12.9 | 14.0 | |
| 4.41% unsecured private placement notes 2029 | 25.0 | 25.0 | |
| 4.68% unsecured private placement notes 2034 | 75.0 | 75.0 | |
| 3.46% unsecured private placement notes 2028 | 30.0 | 30.0 | |
| 3.57% unsecured private placement notes 2031 | 75.0 | 75.0 | |
| 1.125% unsecured convertible bonds 2019 | 150.0 | 150.0 | |
| Equity components and unwinding of discounts on convertible bonds | (3.5) | (5.6) | |
| Leasehold liabilities | 14.1 | 23.9 | |
| Unamortised issue and arrangement costs | (8.6) | (10.3) | |
| Net debt | 657.9 | 904.8 |
Gearing and interest cover ratio
| Dec 2017 % | Dec 2016 % |
||
|---|---|---|---|
| Loan-to-value ratio | 13.2 | 17.7 | |
| NAV gearing | 15.7 | 22.6 | |
| Net interest cover ratio | 454 | 370 |
Debt summary
| Dec 2017 £m | Dec 2016 £m | ||
|---|---|---|---|
| Bank loans | |||
| Floating rate | 89 | 45 | |
| Swapped | 28 | 243 | |
| 117 | 288 | ||
| Non-banking debt | |||
| Fixed rate secured loan 2024 | 83 | 83 | |
| Fixed rate secured bonds 2026 | 175 | 175 | |
| Fixed rate unsecured bonds 2019 | 150 | 150 | |
| Fixed rate unsecured loan 2029 | 25 | 25 | |
| Fixed rate unsecured loan 2034 | 75 | 75 | |
| Fixed rate unsecured loan 2028 | 30 | 30 | |
| Fixed rate unsecured loan 2031 | 75 | 75 | |
| 613 | 613 | ||
| Total debt (nominal values) | 730 | 901 | |
| Hedging profile (%) | |||
| Fixed | 84 | 68 | |
| Swaps | 4 | 27 | |
| 88 | 95 | ||
| Percentage of debt that is unsecured (%) | 61 | 68 | |
| Percentage of non-bank debt (%) | 84 | 68 | |
| Weighted average interest rate (%) - cash basis | 3.80 | 3.65 | |
| Weighted average interest rate (%) - IFRS basis | 4.11 | 3.90 | |
| Weighted average maturity of facilities (years) | 6.3 | 6.9 | |
| Weighted average maturity of borrowings (years) | 7.6 | 7.7 | |
| Unutilised facilities and cash | 523 | 383 | |
| Uncharged properties | 3,864 | 3,777 |