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 2017 1,166

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 £40m, £70m and £75m forward-start swaps

Our net debt and key debt ratios are shown below:

Net debt

Dec 2017

£m

Dec 2016
£m

Cash (87.0)(17.7)
Bank facilities 117.0287.5
3.99% secured loan 2024 83.083.0
6.5% secured bonds 2026 175.0175.0
Acquired fair value of secured bonds less amortisation 12.914.0
4.41% unsecured private placement notes 2029 25.025.0
4.68% unsecured private placement notes 2034 75.075.0
3.46% unsecured private placement notes 2028 30.030.0
3.57% unsecured private placement notes 2031 75.075.0
1.125% unsecured convertible bonds 2019 150.0150.0
Equity components and unwinding of discounts on convertible bonds (3.5)(5.6)
Leasehold liabilities 14.123.9
Unamortised issue and arrangement costs (8.6)(10.3)
Net debt 657.9904.8

Gearing and interest cover ratio

Dec 2017

%

Dec 2016

%

Loan-to-value ratio 13.217.7
NAV gearing 15.722.6
Net interest cover ratio 454370

Debt summary

Dec 2017

£m

Dec 2016

£m

Bank loans
Floating rate8945
Swapped28243
117288
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 20283030
Fixed rate unsecured loan 20317575
613613
Total debt (nominal values)730901
Hedging profile (%)
Fixed8468
Swaps427
8895
Percentage of debt that is unsecured (%)6168
Percentage of non-bank debt (%)8468
Weighted average interest rate (%) - cash basis3.803.65
Weighted average interest rate (%) - IFRS basis4.113.90
Weighted average maturity of facilities (years)6.36.9
Weighted average maturity of borrowings (years)7.67.7
Unutilised facilities and cash523383
Uncharged properties3,8643,777