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
Committed bank facilities
Bilateral term - secured 28 June 2018
Bilateral revolving credit - unsecured 75 July 2021
Club revolving credit - unsecured 100

January 2021

Club revolving credit - unsecured 450 January 2022
653
At 31 December 2016 1,266

The maturity profile of these facilities is shown graphically below:

Debt Information

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:

Debt Information

1Excludes £70m forward start swap

Our net debt and key debt ratios are shown below:

Net debt

Dec 2016
£m

Dec 2015
£m
Cash (17.7) (6.5)
Bank facilities 287.5 390.5
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 14.0 15.0
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
3.57% unsecured private placement notes 2031 75.0
1.125% unsecured convertible bonds 2019 150.0 150.0
Equity components and unwinding of discounts on convertible bonds (5.6) (7.7)
Leasehold liabilities 23.9 23.2
Unamortised issue and arrangement costs (10.3) (10.8)
Net debt 904.8 911.7

Gearing and interest cover ratio

Dec 2016

%

Dec 2015
%
Loan-to-value ratio 17.7 17.8
NAV gearing 22.6 22.8
Net interest cover ratio 370 362

Debt summary

Dec 2016

%

Dec 2015

%

Bank loans

45138
Floating rate243253
Swapped288391
Non-banking debt
Fixed rate secured loan 20248383
Fixed rate secured bonds 2026175175
Fixed rate unsecured bonds 2019150150
Fixed rate unsecured loan 20292525
Fixed rate unsecured loan 20347575
Fixed rate unsecured loan 202830-
Fixed rate unsecured loan 203175-
613508
Total debt (nominal values)901899
Hedging profile (%)
Fixed6857
Swaps2728
9585
Percentage of debt that is unsecured (%)6868
Percentage of non-bank debt (%)6857
Weighted average interest rate (%) - cash basis3.653.68
Weighted average interest rate (%) - IFRS basis3.903.93
Weighted average maturity of facilities (years)6.96.8
Weighted average maturity of borrowings (years)7.77.3
Undrawn facilities383262
Uncharged properties3,7773,709