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 2018 | 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 2018 £m | Jun 2018 £m |
||
|---|---|---|---|
| Cash | (18.3) | (21.4) | |
| Bank facilities | 297.5 | 171.5 | |
| 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 | 11.8 | 12.4 | |
| 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 | (1.3) | (2.4) | |
| Leasehold liabilities | 60.7 | 56.0 | |
| Unamortised issue and arrangement costs | (6.5) | (7.6) | |
| Net debt | 956.9 | 821.5 |
Gearing and interest cover ratio
Dec 2018 | Jun 2018 % |
||
|---|---|---|---|
| Loan-to-value ratio | 17.2 | 15.2 | |
| NAV gearing | 22.4 | 19.6 | |
| Net interest cover ratio | 491 | 514 |
Debt summary
| Dec 2018 £m | Jun 2018 £m | ||
|---|---|---|---|
| Bank loans | |||
| Floating rate | 269.5 | 144 | |
| Swapped | 28.0 | 28 | |
| 297.5 | 172 | ||
| 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) | 910.5 | 785 | |
| Hedging profile (%) | |||
| Fixed | 67 | 78 | |
| Swaps | 3 | 4 | |
| 70 | 82 | ||
| Percentage of debt that is unsecured (%) | 69 | 64 | |
| Percentage of non-bank debt (%) | 67 | 78 | |
| Weighted average interest rate (%) - cash basis | 3.43 | 3.56 | |
| Weighted average interest rate (%) - IFRS basis | 3.68 | 3.86 | |
| Weighted average maturity of facilities (years) | 5.3 | 5.8 | |
| Weighted average maturity of borrowings (years) | 5.9 | 6.8 | |
| Unutilised facilities and cash | 274 | 403 | |
| Uncharged properties | 4,117 | 3,985 |