|
| 25. Loans
and other borrowings |
2004 |
|
2003 |
|
| £m |
£m |
|
|
|
|
|
| US dollar
8.875% notes 2030 (minimum 8.625%a) |
1,686 |
|
1,928 |
|
| 5.75%
bonds 2028 |
596 |
|
596 |
|
| 3.5%
indexed linked notes 2025 |
270 |
|
262 |
|
| 8.625%
bonds 2020 |
297 |
|
297 |
|
| 7.75%
notes 2016 (minimum 7.5%a) |
691 |
|
691 |
|
| Euro
7.125% notes 2011 (minimum 6.875%a) |
734 |
|
1,368 |
|
| US dollar
8.375% notes 2010 (minimum 8.125%a) |
1,795 |
|
2,049 |
|
| US dollar
8.765% bonds 2009 |
123 |
|
138 |
|
| Euro
11.875% senior notes 2009 |
3 |
|
3 |
|
| US dollar
convertible 2008 (0.75%) |
97 |
|
– |
|
| US dollar
7% notes 2007 |
596 |
|
606 |
|
| 12.25%
bonds 2006 |
229 |
|
229 |
|
| 7.375%
notes 2006 (minimum 7.125%a) |
398 |
|
398 |
|
| Euro
6.375% notes 2006 (minimum 6.125%a) |
1,861 |
|
1,858 |
|
| US dollar
7.875% notes 2005 (minimum 7.624%a) |
1,902 |
|
1,942 |
|
| US dollar
6.75% bonds 2004 |
597 |
|
604 |
|
| Euro
5.875% notes 2004 (minimum 5.625%a) |
– |
|
1,087 |
|
| US dollar
floating rate notes 2003a |
– |
|
761 |
|
| 7.125%
bonds 2003 |
– |
|
500 |
|
|
|
|
|
|
| Total listed bonds, debentures
and notes |
11,875 |
|
15,317 |
|
| Lease finance |
1,099 |
|
13 |
|
| Bank loans due 2004-2009 (average
effective interest rate 9.8%) |
480 |
|
558 |
|
| Floating rate note 2004-2009 (average
effective interest rate 4.1%) |
101 |
|
112 |
|
| Floating rate loan 2006 (average
effective interest rate 4.6%) |
140 |
|
– |
|
| Bank overdrafts and other short-term
borrowings |
2 |
|
4 |
|
|
|
|
|
|
| Total loans and other borrowings |
13,697 |
|
16,004 |
|
|
|
|
|
|
| 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 minimum interest rate reflected in the table above. |
Apart from the lease finance all borrowings at 31 March 2004 are unsecured. Lease finance is repayable by instalments.
| |
2004 |
|
2003 |
|
| £m |
|
£m |
|
|
|
|
|
| Repayments fall due as follows: |
|
|
|
|
| Within one year, or on demand |
1,271 |
|
2,548 |
|
| Between one and two years |
4,361 |
|
846 |
|
| Between two and three years |
777 |
|
4,031 |
|
| Between three and four years |
854 |
|
501 |
|
| Between four and five years |
100 |
|
606 |
|
| After five years |
6,334 |
|
7,472 |
|
| Total due for repayment after more than one year |
12,426 |
|
13,456 |
|
|
|
|
|
|
| Total loans and other borrowings |
13,697 |
|
16,004 |
|
|
|
|
|
|
|
