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
Committed bank facilities
Term - secured 28 June 2018
Bilateral revolving credit - unsecured 75 July 2020
Club revolving credit - unsecured 550 January 2021
653
At 30 June 2016 1,266

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 £70m forward start swap

Our net debt and key debt ratios are shown below:

Net debt

Jun 2016
£m

Dec 2015
£m
Cash (12.7) (6.5)
Bank facilities 387.0 390.5
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 14.5 15.0
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
3.57% unsecured private placement notes 2031 75.0
1.125% unsecured convertible bonds 2019 150.0 150.0
Equity components and unwinding of discounts on convertible bonds (6.7) (7.7)
Leasehold liabilities 23.9 23.2
Unamortised issue and arrangement costs (10.4) (10.8)
Net debt 1,008.6 911.7

Gearing and interest cover ratio

Jun 2016

%

Dec 2015
%
Loan-to-value ratio 19.1 17.8
NAV gearing 24.8 22.8
Net interest cover ratio 371 362

Debt summary

Jun 2016


£m

Dec 2015
£m
Bank loans
Floating rate 134138
Swapped 253253
387391
Non-bank debt
Fixed rate secured loan 2024 8383
Fixed rate secured bonds 2026 175175
Fixed rate unsecured bonds 2016
Fixed rate unsecured bonds 2019 150150
Fixed rate unsecured loan 2029 2525
Fixed rate unsecured loan 2034 7575
Fixed rate unsecured loan 2028 30
Fixed rate unsecured loan 2031 75
613508
Total debt (nominal values) 1,000899
Hedging profile (%)
Fixed 6157
Swaps 2528
8685
Percentage of debt that is unsecured (%) 7168
Percentage of non-bank debt (%) 6157
Weighted average interest rate (%) - cash basis 3.653.68
Weighted average interest rate (%) - IFRS basis 3.883.93
Weighted average maturity of facilities (years) 7.06.8
Weighted average maturity of borrowings (years) 7.77.3
Undrawn facilities 266262
Uncharged properties 3,8683,709