|
| |
|
| 22. |
Loans and other borrowings |
| |
|
|
2005
£m |
|
|
2004
£m |
|
|
|
|
US
dollar 8.875% notes 2030 (minimum 8.625%a)
|
|
|
1,604 |
|
|
1,686 |
|
|
5.75%
bonds 2028
|
|
|
596 |
|
|
596 |
|
|
3.5%
indexed linked notes 2025
|
|
|
278 |
|
|
270 |
|
|
8.625%
bonds 2020
|
|
|
297 |
|
|
297 |
|
|
7.75%
notes 2016 (minimum 7.5%a)
|
|
|
692 |
|
|
691 |
|
|
Euro
7.125% notes 2011 (minimum 6.875%a)
|
|
|
755 |
|
|
734 |
|
|
US
dollar 8.375% notes 2010 (minimum 8.125%a)
|
|
|
1,754 |
|
|
1,795 |
|
|
US
dollar 8.765% bonds 2009
|
|
|
123 |
|
|
123 |
|
|
Euro
11.875% senior notes 2009
|
|
|
– |
|
|
3 |
|
|
US
dollar convertible 2008 (0.75%)
|
|
|
88 |
|
|
97 |
|
|
US
dollar 7% notes 2007
|
|
|
573 |
|
|
596 |
|
|
12.25%
bonds 2006
|
|
|
229 |
|
|
229 |
|
|
7.375%
notes 2006 (minimum 7.125%a)
|
|
|
399 |
|
|
398 |
|
|
Euro
6.375% notes 2006 (minimum 6.125%a)
|
|
|
1,923 |
|
|
1,861 |
|
|
US
dollar 7.875% notes 2005 (minimum 7.624%a)
|
|
|
1,861 |
|
|
1,902 |
|
|
US
dollar 6.75% bonds 2004
|
|
|
– |
|
|
597 |
|
|
|
|
Total
listed bonds, debentures and notes
|
|
|
11,172 |
|
|
11,875 |
|
|
Lease
finance
|
|
|
993 |
|
|
1,099 |
|
|
Bank
loans due 2007-2009 (average effective interest rate 9.7%)
|
|
|
240 |
|
|
480 |
|
|
Floating
rate note 2005-2009 (average effective interest rate 3.8%)
|
|
|
90 |
|
|
101 |
|
|
Floating
rate loan 2006 (average effective interest rate 5.6%)
|
|
|
92 |
|
|
140 |
|
|
Bank
overdrafts and other short-term borrowings
|
|
|
2 |
|
|
2 |
|
|
|
|
Total
loans and other borrowings
|
|
|
12,589 |
|
|
13,697 |
|
|
|
| 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.
|
The interest rates payable on loans and borrowings disclosed above
reflect the coupons on the underlying issued loans and borrowings
and not the interest rates achieved through applying associated
currency and interest rate swaps.
Apart from the
lease finance all borrowings at 31 March 2005 are unsecured. Lease
finance is repayable by instalments.
| |
|
|
2005
£m |
|
|
2004
£m |
|
|
|
|
Repayments
fall due as follows:
|
|
|
|
|
|
|
|
|
Within
one year, or on demand
|
|
|
4,498 |
|
|
1,271 |
|
|
Between
one and two years
|
|
|
788 |
|
|
4,361 |
|
|
Between
two and three years
|
|
|
849 |
|
|
777 |
|
|
Between
three and four years
|
|
|
98 |
|
|
854 |
|
|
Between
four and five years
|
|
|
275 |
|
|
100 |
|
|
After
five years
|
|
|
6,081 |
|
|
6,334 |
|
|
Total
due for repayment after more than one year
|
|
|
8,091 |
|
|
12,426 |
|
|
|
|
Total
loans and other borrowings
|
|
|
12,589 |
|
|
13,697 |
|
|
|
|
