Skip to main content

Debt facilities

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

£m £m Maturity
3.99% secured loan83.0October 2024
6.5% secured bonds175.0March 2026
1.875% unsecured green bonds350.0November 2031
1.5% unsecured convertible bonds175.0June 2025
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
4.68% unsecured private placement notes 75.0 January 2034
3.09% unsecured private placement notes52.0January 2034
Other loans¹14.6n/a
Non-bank loans

1,252.6

Club revolving credit - unsecured

450.0

October 2026
Bilateral revolving credit - unsecured 100.0 November 2026
Committed bank facilities 550.0
At 30 June 2022 1,802.6

¹No fixed repayment date

The maturity profile of these facilities is shown graphically below:

Maturity profile of debt facilities (as at 30 June 2022):

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 2022):

Debt Information image

¹Excludes forward-start swaps

Our net debt and key debt ratios are shown below:

Net debt

Jun 2022
£m
Dec 2021

£m

Bank facilities 131.010.0
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 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 14.6

12.3

Acquired fair value of secured bonds less amortisation7.38.0
Equity components and unwinding of discounts on convertible bonds(3.9)(4.5)
Unamortised discount on unsecured green bonds(1.8)(1.8)
Leasehold liabilities 19.6

70.6

Unamortised issue and arrangement costs (11.3)(12.6)
Cash(32.8)(68.5)
Net debt 1,360.7

1,251.5

Gearing and interest cover ratio

Jun 2022
%

Dec 2021
%

EPRA Loan-to-value ratio¹ 23.7

22.3

NAV gearing 30.128.2
Net interest cover ratio¹ 419464

¹ Including share of joint ventures

Debt summary

Jun 2022
£m
Dec 2021

£m

Bank loans
Floating rate131.010.0
131.010.0
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 loans14.612.3
1,252.6

1,250.3

Total debt (nominal values)1,383.6

1,260.3

Hedging profile (%)
Fixed90

99

Swaps--
Floating10

1

100

100

Percentage of debt that is unsecured (%)76.879.5
Percentage of non-bank debt (%)90.5

98.2

Weighted average interest rate (%) - cash basis3.063.14
Weighted average interest rate (%) - IFRS basis3.183.27
Weighted average maturity of facilities (years)6.0

6.5

Weighted average maturity of borrowings (years)6.5

7.2

Unutilised facilities and cash452.0

608

Uncharged properties5,0684,769