Debt facilities
Note - the figures below are updated biannually at H1 and Year End.
| £m | £m | Maturity | |
|---|---|---|---|
| 6.5% secured bonds | 175.0 | March 2026 | |
| 3.99% secured loan | 83.0 | October 2024 | |
| 1.5% unsecured convertible bonds | 175.0 | June 2025 | |
| 2.68% unsecured private placement notes | 55.0 | January 2026 | |
| 3.46% unsecured private placement notes | 30.0 | May 2028 | |
| 4.41% unsecured private placement notes | 25.0 | January 2029 | |
| 2.87% unsecured private placement notes | 93.0 | January 2029 | |
| 2.97% unsecured private placement notes | 50.0 | January 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 notes | 52.0 | January 2034 | |
| Non-bank loans | 888.0 | ||
| Bilateral term - secured | 28.0 | July 2022 | |
| Bilateral revolving credit - unsecured | 100.0 | November 2025 | |
| Club revolving credit - unsecured | 450.0 | October 2025 | |
| Committed bank facilities | 578.0 | ||
| At 31 Dec 2020 | 1,466.0 |
The maturity profile of these facilities is shown graphically below:
Maturity profile of debt facilities (as at 31 Dec 2020):
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 31 Dec 2020):
1Excludes forward-start swaps
Our net debt and key debt ratios are shown below:
Net debt
| Dec 2020 £m | Dec 2019 £m |
||
|---|---|---|---|
| Bank facilities | 153.0 | 96.5 | |
| 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 | 9.3 | 10.6 | |
| 2.68% unsecured private placement notes 2026 | 55.0 | 55.0 | |
| 3.46% unsecured private placement notes 2028 | 30.0 | 30.0 | |
| 4.41% unsecured private placement notes 2029 | 25.0 | 25.0 | |
| 2.87% unsecured private placement notes 2029 | 93.0 | 93.0 | |
| 2.97% unsecured private placement notes 2031 | 50.0 | 50.0 | |
| 3.57% unsecured private placement notes 2031 | 75.0 | 75.0 | |
| 3.09% unsecured private placement notes 2034 | 52.0 | 52.0 | |
| 4.68% unsecured private placement notes 2034 | 75.0 | 75.0 | |
| 1.5% unsecured convertible bonds 2025 | 175.0 | 175.0 | |
| Equity components and unwinding of discounts on convertible bonds | (5.8) | (7.0) | |
| Leasehold liabilities | 66.6 | 59.5 | |
| Unamortised issue and arrangement costs | (11.3) | (11.5) | |
| Cash | (50.7) | (54.5) | |
| Net debt | 1,049.1 | 981.6 |
Gearing and interest cover ratio
| Dec 2020 % | Dec 2019 % |
||
|---|---|---|---|
| Loan-to-value ratio | 18.4 | 16.9 | |
| NAV gearing | 24.3 | 21.9 | |
| Net interest cover ratio | 446 | 462 |
Debt summary
| Dec 2020 £m | Dec 2019 £m | ||
|---|---|---|---|
| Bank loans | |||
| Floating rate | 153.0 | 68.5 | |
| Swapped | - | 28.0 | |
| 153.0 | 96.5 | ||
| Non-banking debt | |||
| Fixed rate secured loan 2024 | 83.0 | 83.0 | |
| Fixed rate secured bonds 2026 | 175.0 | 175.0 | |
| Fixed rate unsecured bonds 2025 | 175.0 | 175.0 | |
| Fixed rate unsecured loan 2026 | 55.0 | 55.0 | |
| Fixed rate unsecured loan 2028 | 30.0 | 30.0 | |
| Fixed rate unsecured loan 2029 | 25.0 | 25.0 | |
| Fixed rate unsecured loan 2029 | 93.0 | 93.0 | |
| Fixed rate unsecured loan 2031 | 50.0 | 50.0 | |
| Fixed rate unsecured loan 2031 | 75.0 | 75.0 | |
| Fixed rate unsecured loan 2034 | 52.0 | 52.0 | |
| Fixed rate unsecured loan 2034 | 75.0 | 75.0 | |
| 888.0 | 888.0 | ||
| Total debt (nominal values) | 1,041.0 | 984.5 | |
| Hedging profile (%) | |||
| Fixed | 85 | 90 | |
| Swaps | - | 3 | |
85 | 93 | ||
| Percentage of debt that is unsecured (%) | 72.5 | 70.9 | |
| Percentage of non-bank debt (%) | 85.3 | 90.2 | |
| Weighted average interest rate (%) - cash basis | 3.34 | 3.54 | |
| Weighted average interest rate (%) - IFRS basis | 3.48 | 3.68 | |
| Weighted average maturity of facilities (years) | 6.2 | 6.8 | |
| Weighted average maturity of borrowings (years) | 6.8 | 7.8 | |
| Unutilised facilities and cash | 476 | 511 | |
| Uncharged properties | 4,329 | 4,423 |