Undrawn credit facilities

Unsecured revolving undrawn credit facilities

Unsecured bank revolving credit facilities provide full flexibility of drawing and repayment at short notice without additional cost, providing valuable operational support.

  • Current facilities amount to some £{NUM|COMFAC-GRPO} billion at floating interest rates based on LIBOR plus a margin. Some £{NUM|FACMAT2YR} billion have a maturity of more than 2 years
  • Covenants applying across each of these unsecured facilities (having been consistently agreed with all lenders since 2003) are the same:
    • Net Borrowings not to exceed 175% of Adjusted Capital and Reserves. At {NUM|Current Date}, this ratio was {NUM|NETBORROWINGTOCAPITAL}
    • Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets. At {NUM|Current Date}, this ratio was {NUM|UNSECTOUNENCUM}
    • No income/interest cover ratios apply to these facilities and there are no other unsecured debt financial covenants in the Group
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