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 | |||
| Bilateral term - secured | 28 | June 2018 | |
| Bilateral revolving credit - unsecured | 75 | July 2021 | |
| Club revolving credit - unsecured | 100 | January 2021 |
|
| Club revolving credit - unsecured | 450 | January 2022 | |
| 653 | |||
| At 31 December 2016 | 1,266 |
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 £70m forward start swap
Our net debt and key debt ratios are shown below:
Net debt
Dec 2016 |
Dec 2015 £m |
||
|---|---|---|---|
| Cash | (17.7) | (6.5) | |
| Bank facilities | 287.5 | 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 | 14.0 | 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 | (5.6) | (7.7) | |
| Leasehold liabilities | 23.9 | 23.2 | |
| Unamortised issue and arrangement costs | (10.3) | (10.8) | |
| Net debt | 904.8 | 911.7 |
Gearing and interest cover ratio
| Dec 2016 % |
Dec 2015 % |
||
|---|---|---|---|
| Loan-to-value ratio | 17.7 | 17.8 | |
| NAV gearing | 22.6 | 22.8 | |
| Net interest cover ratio | 370 | 362 |
Debt summary
| Dec 2016 % | Dec 2015 % | ||
Bank loans | 45 | 138 | |
| Floating rate | 243 | 253 | |
| Swapped | 288 | 391 | |
| 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 | - | |
| Fixed rate unsecured loan 2031 | 75 | - | |
| 613 | 508 | ||
| Total debt (nominal values) | 901 | 899 | |
| Hedging profile (%) | |||
| Fixed | 68 | 57 | |
| Swaps | 27 | 28 | |
| 95 | 85 | ||
| Percentage of debt that is unsecured (%) | 68 | 68 | |
| Percentage of non-bank debt (%) | 68 | 57 | |
| Weighted average interest rate (%) - cash basis | 3.65 | 3.68 | |
| Weighted average interest rate (%) - IFRS basis | 3.90 | 3.93 | |
| Weighted average maturity of facilities (years) | 6.9 | 6.8 | |
| Weighted average maturity of borrowings (years) | 7.7 | 7.3 | |
| Undrawn facilities | 383 | 262 | |
| Uncharged properties | 3,777 | 3,709 |