BT Group
 
 
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23. Loans and other borrowings
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  Group   Company  
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  2001 2000   2001 2000  
  £m £m   £m £m  
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US dollar 8.625% notes 2030(a) 1,928 –   1,928 –  
5.75% bonds 2028            
(less unamortised discount £4 million
(2000 – £5 million))		 596 595   596 595  
3.5% indexed linked notes 2025
(less unamortised discount of £5 million)		 252 –   252 –  
8.625% bonds 2020            
(less unamortised discount £4 million
(2000 – £4 million))		 296 296   296 296  
7.5% notes 2016(a)
(less unamortised discount of £10 million)		 690 –   690 –  
Euro 6.875% notes 2011(a)
(less unamortised discount of £14 million)		 1,385 –   1,385 –  
US dollar 8.125% notes 2010(a) 2,073 –   2,073 –  
US dollar 8.765% bonds 2009 141 125   – –  
Euro 11.875% senior notes 2009            
(including unamortised premium £26 million
(2000 – £28 million)		 134 133   – –  
US dollar 11.875% senior notes 2008            
(including unamortised premium £13 million
(2000 – £17 million))		 126 112   – –  
US dollar 12.5% senior deferred coupon notes 2007            
(less unamortised discount £3 million
(2000 – £13 million))		 138 116   – –  
US dollar 7% notes 2007            
(less unamortised discount £3 million
(2000 – £3 million))		 605 624   605 624  
12.25% bonds 2006 229 229   229 229  
7.125% notes 2006(a)
(less unamortised discount of £4 million)		 396 –   396 –  
Euro 6.125% notes 2006(a)
(less unamortised discount of £10 million)		 1,855 –   1,855 –  
US dollar 7.625% notes 2005(a) 2,140 –   2,140 –  
US dollar 6.75% bonds 2004 604 627   604 627  
Euro 5.625% notes 2004(a)
(less unamortised discount of £5 million)		 1,083 –   1,083    
US dollar floating rate notes 2003(a) 761 –   761 –  
12.25% bonds 2003 180 180   180 180  
7.125% bonds 2003            
(less unamortised discount £1 million
(2000 – £2 million))		 499 498   499 498  
Euro floating rate notes 2003(a)
(less unamortised discount of £3 million)		 619 –   619 –  
US dollar 6.75% notes 2002            
(less unamortised discount £3 million
(2000 – £5 million))		 907 936   907 936  
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Total listed bonds, debentures and notes 17,637 4,471   17,098 3,985  
Lease finance 270 9   – 1  
Bank loans due 2000-2009
(average effective interest rate 9.6%)		 637 827   – –  
Euro floating rate note 2000-2005 204 172   – –  
Floating rate note 2000-2009
(average effective interest rate 5.4%)		 141 159   141 159  
Other loans 268 245   115 112  
Bank overdrafts and other short-term borrowings 1,041 237   2,522 1,078  
Euro Medium Term Notes 7,219 –   7,219 –  
Commercial paper 3,494 4,884   3,494 4,884  
Loans from subsidiary undertakings – –   8,704 7,168  
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Total loans and other borrowings 30,911 11,004   39,293 17,387  
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(a) The interest rate payable on these notes will be subject to adjustment from time to time if either Moody’s or Standard and Poor’s (S&P) reduces the rating ascribed to the group’s senior unsecured debt below A3 in the case of Moody’s or below A minus in the case of S&P. In this event, the interest rate payable on the notes and the spread applicable to the floating notes will be increased by 0.25% for each ratings category adjustment by each ratings agency. In addition, if Moody’s or S&P subsequently increase the rating ascribed to the group’s senior unsecured debt, then the interest rate then payable on notes and the spread applicable to the floating notes will be decreased by 0.25% for each rating category upgrade by each rating agency, but in no event will the interest rate be reduced below the initial interest rate reflected in the table above.
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Apart from the lease finance all borrowings at 31 March 2001 are unsecured. Lease finance is repayable by instalments.
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  Group   Company  
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  2001 2000   2001 2000  
  £m £m   £m £m  
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Repayments fall due as follows:            
Within one year, or on demand 12,136 5,650   21,201 12,551  
Between one and two years 1,933 12   1,906 –  
Between two and three years 2,430 1,225   2,403 1,190  
Between three and four years 869 589   844 558  
Between four and five years 4,245 895   4,225 867  
After five years 9,298 2,633   8,714 2,221  
Total due for repayment after more than one year 18,775 5,354   18,092 4,836  
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Total loans and other borrowings 30,911 11,004   39,293 17,387  
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The effect of the change in the group’s accounting policy relating to the group’s loans and borrowings as disclosed in note 1, is that the total loans and other borrowings disclosed at 31 March 2001 are £170 million lower than they would be prior to this change. Prior to the change in policy the total loans and other borrowings would be £31,081 million.
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