We have secured sufficient funding to support planned growth in existing and new markets through to 2015.
At 31 December 2012 we had the following debt funding structure in place:
- €225 million (£182.7 million) five-year bonds at a fixed coupon of 11.5% issued under our EMTN programme in August 2010;
- 36.5 million Romanian lei bonds (£6.7 million) maturing 10 February 2014 at a fixed coupon of 12.0% under issued under our EMTN programme in February 2011;
- 280 million Czech crown bonds (£9.1 million) maturing 24 July 2015 at a fixed coupon of 8.5% issued under our EMTN programme in July 2012;
- 100 million Czech crown bonds (£3.2 million) maturing 25 July 2016 at a fixed coupon of 9.0% issued under our EMTN programme in July 2012;
- 200 million Polish zloty bonds (£39.9 million) maturing 30 June 2015 (the ‘PMTN’ bond). The coupon is a floating rate of six-month WIBOR (the relevant Polish bank reference rate) plus a margin of 750 basis points. The bonds are listed on the alternative trading system arranged by BondSpot S.A. in Warsaw (Catalyst bond platform); and
- syndicated and bilateral bank facilities totaling £217.3 million priced at 400 basis points over reference rate
In addition, on 11th January 2013, we issued 4 billion Hungarian forint bonds (£11.2 million) maturing 11th January 2018 at a fixed coupon of 11% under our EMTN programme.
The actual cost of funding in local currency is usually higher than the EMTN bond’s coupon rate due to the markets in which we operate having higher base rates than the Euro.
Committed facilities
We have a total of £470 million of committed debt facilities in place. These facilities provide sufficient funding for growth in existing and new markets through to 2015.
| |
2013
£m |
2014
£m |
2015
£m |
2016
£m |
2018
£m |
Total
£m |
| Bonds |
|
|
|
|
|
|
| Euro |
- |
- |
183 |
|
|
183 |
| Polish |
- |
- |
40 |
|
|
40 |
| Czech |
|
|
9 |
3 |
|
12 |
| Romanian |
- |
7 |
- |
|
|
7 |
| Hungarian |
- |
- |
- |
- |
11 |
11 |
| Total bonds |
- |
7 |
232 |
3 |
11 |
253 |
| |
|
|
|
|
|
|
| Multi-currency bank facilities |
|
|
|
|
|
|
| Bank facilities |
59 |
20 |
132 |
- |
|
211 |
| Short-term facilities |
6 |
- |
- |
- |
|
6 |
| Total bank facilities |
65 |
20 |
132 |
- |
|
217 |
| |
|
|
|
|
|
|
| Total facilities |
65 |
27 |
364 |
3 |
11 |
470 |
| |
14% |
6% |
77% |
1% |
2% |
100% |
Bank facilities
Our syndicated and bilateral facilities reflect a broad banking group that has a good strategic and geographical fit with our operations. These facilities are provided by the following institutions:
- Citibank
- HSBC
- VUB
- BZWBK (part of the Santander Group)
- Unicredit
- Alior
- RZB
- ING
- PBP
- DZ
- OTP Bank
- K&H (part of the KBC Group)
Credit rating
We have a long-term credit rating of BB+ with a stable outlook from Fitch Ratings Limited.
The current Fitch rating report, which reaffirms the BB+ rating, is now available to view here, dated 28 March 2013.
Bonds
Details of all our bonds are provided in the table below:
Description |
ISIN |
Maturity
date |
Issued
amount |
Coupon
class |
Country |
Issue
date |
Rating |
| € EMTN |
XS0531331345 |
6 Aug 2015 |
€ 225,000,000 |
Fixed |
Eurobond |
6 Aug 2010 |
Fitch BB+ |
| RON EMTN |
XS0587014241 |
10 Feb 2014 |
RON 36,500,000 |
Fixed |
Eurobond |
10 Feb 2011 |
No |
| CZK EMTN |
XS0804781945 |
24 Jul 2015 |
CZK 280,000,000 |
Fixed |
Eurobond |
25 Jul 2012 |
No |
| CZK EMTN |
XS0804782240 |
25 Jul 2016 |
CZK 100,000,000 |
Fixed |
Eurobond |
25 Jul 2012 |
No |
| HUF EMTN |
XS0872725592 |
11 Jan 2018 |
HUF 4,000,000,000 |
Fixed |
Eurobond |
11 Jan 2013 |
No |
| PLN PMTN |
PLIPF00025 |
30 Jun 2015 |
PLN 200,000,000 |
Floating |
Poland |
1 Oct 2010 |
No |
The Prospectus dated 7 December 2012 relating to the €1,000,000,000 Euro Medium Term Note Programme can be viewed here. A supplement to the Prospectus dated 3 April 2013 can be viewed here.
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