Debt facilities
Note – the figures below are updated twice a year 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 30 Jun 2021):
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 Jun 2021):
1Excludes forward-start swaps
Our net debt and key debt ratios are shown below:
Net debt
| Jun 2021
£m | Dec 2020 £m |
||
|---|---|---|---|
| Bank facilities | 111.0 | 153.0 | |
| 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 | 8.7 | 9.3 |
|
| 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 | (5.2) | (5.8) | |
| Leasehold liabilities | 67.4 | 66.6 | |
| Unamortised issue and arrangement costs | (10.2) | (11.3) | |
| Cash | (60.0) | (50.7) | |
| Net debt | 999.7 | 1,049.1 |
Gearing and interest cover ratio
Jun 2021 | Dec 2020 % |
||
|---|---|---|---|
| Loan-to-value ratio | 17.3 | 18.4 | |
| NAV gearing | 22.8 | 24.3 | |
| Net interest cover ratio | 477 | 446 |
Debt summary
| Jun 2021
£m | Dec 2020 £m | |
|---|---|---|
| Bank loans | ||
| Floating rate | 111.0 | 153.0 |
| Swapped | - | - |
| 111.0 | 153.0 | |
| 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) | 999.0 | 1,041.0 |
| Hedging profile (%) | ||
| Fixed | 89 | 85 |
| Swaps | - | - |
| 89 | 85 | |
| Percentage of debt that is unsecured (%) | 71.4 | 72.5 |
| Percentage of non-bank debt (%) | 88.9 | 85.3 |
| Weighted average interest rate (%) - cash basis | 3.44 | 3.34 |
| Weighted average interest rate (%) - IFRS basis | 3.58 | 3.48 |
| Weighted average maturity of facilities (years) | 5.7 | 6.2 |
| Weighted average maturity of borrowings (years) | 6.4 | 6.8 |
| Unutilised facilities and cash | 527 | 476 |
| Uncharged properties | 4,386 | 4,329 |