Debt Funding Information

We have a strong funding position with a balanced debt portfolio including a range of bonds, wholesale and retail, at competitive cost across a number of currencies, with varying maturities including significant long-term funding, and a range of bank facilities from a core group of banks. 

Bonds

Details of all our bonds are provided in the table below: 

Description ISIN Start date Maturity date Issued amount Coupon class Coupon Listing Rating
EUR EMTN XS2256977013 12-Nov-20 12-Nov-25 EUR 341,228,000 Fixed 9.75% London Fitch BB-, Moody’s Ba3
GBP EMTN Retail XS1998163148 14-Jun-19 14-Dec-23 GBP 78,100,000 Fixed 7.75% London Fitch BB-, Moody's Ba3 
SEK EMTN  XS1839710347  15-Jun-18  15-Jun-22  SEK 450,000,000  Floating   8.75% + 3m SITBOR (0% floor) Sweden  No 

The prospectus is dated 13 March 2020 relating to the €1,000,000,000 Euro Medium Term Note Programme.  

View it here (PDF).  

The drawdown prospectus is dated 10 November 2020 relating to the €341,228,000 Senior Unsecured Notes due 2025 under €1,000,000,000 Euro Medium Term Note Programme.

View it here (PDF).

 

Bank facilities

Our bilateral facilities reflect a broad banking group that has a good strategic and geographical fit with our operations. These facilities range from overdrafts to five year facilities and are extended on a rolling basis.  A list of the banking institutions are detailed below: 

  • Alior Bank S.A.
  • Budapest Bank Zrt.
  • mBank S.A.
  • Československa Obchodni Banka A.S.
  • CIB Bank Zrt.
  • Expobank CZ a.s.
  • GRÁNIT Bank Zrt.
  • HSBC Bank PLC
  • HSBC México, S. A.
  • KDB Bank Európa Plc
  • K&H Bank Zrt.
  • OTP Bank Romania S.A. (Romania)
  • OTP Bank Nyrt (Hungary)
  • Santander Bank Polska S.A.
  • Takarékbank Zrt.
  • UniCredit Bank S.A. (Romania)
  • UniCredit Bank Hungary Zrt. (Hungary)
  • VÚB, a.s.

Debt facilities

As at 30 June 2021 we had a total of c.£596 million of debt facilities in place. 

Bonds

2021

       £m       

2022

£m

2023
£m
2024
£m 

2025

£m 

Total

£m

Euro - - - 293.4 293.4
Swedish - 37.9 - - 37.9
Retail  - - 78.1 - 78.1
Total Bonds - 37.9 78.1 - 293.4 409.4
 
Multi-Currency Bank Facilities

2021

£m

2022
£m
2023
£m

2024

£m

2025

£m 

Total

£m 

Term Loans - 20.5 12.1 26.1 - 58.7
Revolving credit facilities 52.4 12.7 24.2 - - 89.3
On demand facilities  38.7 - - - - 38.7
Total bank facilites 91.1 33.2 36.3 26.1 - 186.7
Total facilities 91.1 71.1 114.3 26.1 293.4 596.1
  15%  12% 19% 5%  49%  100%

Credit rating

We have a long-term credit rating of BB- (Outlook Negative) from Fitch Ratings Limited.
Please find the Fitch report dated 5 March 2021 here.

 

We have a long-term credit rating of Ba3 (Outlook Stable) from Moodys Investor Services Limited.
Please find the Moodys' report dated 13 November 2020 here