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Debt facilities

Note - the figures below are updated biannually at H1 and Year End.

£m £m Maturity
6.5% secured bonds175.0March 2026
3.99% secured loan 83.0 October 2024
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 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):

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 31 Dec 2020):

Debt Information image

1Excludes forward-start swaps

Our net debt and key debt ratios are shown below:

Net debt

Dec 2020
£m
Dec 2019
£m
Bank facilities 153.096.5
3.99% secured loan 2024 83.083.0
6.5% secured bonds 2026 175.0175.0
Acquired fair value of secured bonds less amortisation

9.3

10.6
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
1.5% unsecured convertible bonds 2025 175.0175.0
Equity components and unwinding of discounts on convertible bonds(5.8)(7.0)
Leasehold liabilities 66.659.5
Unamortised issue and arrangement costs (11.3)(11.5)
Cash(50.7)(54.5)
Net debt 1,049.1981.6

Gearing and interest cover ratio

Dec 2020
%
Dec 2019
%
Loan-to-value ratio 18.416.9
NAV gearing 24.321.9
Net interest cover ratio 446462

Debt summary

Dec 2020
£m
Dec 2019
£m
Bank loans
Floating rate153.068.5
Swapped-28.0
153.096.5
Non-banking debt
Fixed rate secured loan 202483.083.0
Fixed rate secured bonds 2026175.0175.0
Fixed rate unsecured bonds 2025175.0175.0
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
888.0888.0
Total debt (nominal values)1,041.0984.5
Hedging profile (%)
Fixed

85

90
Swaps-3

85

93
Percentage of debt that is unsecured (%)72.570.9
Percentage of non-bank debt (%)

85.3

90.2
Weighted average interest rate (%) - cash basis3.343.54
Weighted average interest rate (%) - IFRS basis3.483.68
Weighted average maturity of facilities (years)6.26.8
Weighted average maturity of borrowings (years)6.87.8
Unutilised facilities and cash

476

511
Uncharged properties4,3294,423