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.
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.
- Citibank Europe plc, Dublin (Romania)
- Citi Handlowy (Poland)
- Citibank Europe plc (Hungary)
- Citibanamex (Mexico)
- 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)
- Raiffeisenbank A.S (Czech Republic)
- Santander Bank Polska S.A.
- Takarékbank Zrt.
- UniCredit Bank S.A. (iRomania)
- UniCredit Bank Hungary Zrt. (Hungary)
- VÚB, a.s.
Debt facilities
As at 30 November 2020 we had a total of c.£671.4 million of debt facilities in place.
| Bonds | 2020 £m |
2021 £m |
2022 £m |
2023 £m |
2024 £m |
2025 £m |
Total £m |
|---|---|---|---|---|---|---|---|
| Euro | - | - | - | - | - | 304.7 | 304.7 |
| Swedish | - | - | 39.4 | - | - | - | 39.4 |
| Retail | - | - | - | 78.1 | - | - | 78.1 |
| Total Bonds | - | - | 39.4 | 78.1 | - | 304.7 | 422.2 |
| Multi-Currency Bank Facilities | 2020 £m |
2021 £m |
2022 £m |
2023 £m |
2024 £m |
2025 £m |
Total £m |
| Term Loans | - | 7.4 | 26.0 | - | 26.8 | - | 60.2 |
| Revolving credit facilities | 53.0 | 63.5 | 44.0 | 16.1 | - | - | 176.6 |
| On demand facilities | 12.4 | - | - | - | - | - | 12.4 |
| Total bank facilites | 65.4 | 70.9 | 70.0 | 16.1 | 26.8 | - | 249.2 |
| Total facilities | 65.4 | 70.9 | 109.4 | 94.2 | 26.8 | 304.7 | 671.4 |
| 10% | 11% | 16% | 14% | 4% | 45% | 100% | |
Credit rating
We have a long-term credit rating of BB- (Outlook Negative) from Fitch Ratings Limited.
Please find the Fitch report dated 9 November 2020 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.