Debt investors

We maintain a diversified debt funding structure, with a mix of bond and bank facilities and a balanced maturity profile. We access debt capital markets regularly and our bank facilities have a good strategic and geographic fit with our business. We also aim to maintain a prudent level of headroom in cash and on undrawn bank facilities to cover forecast borrowings.

  • We balance the interests of both our equity and debt stakeholders.
  • We target an equity-to-receivables ratio of 40%.
  • We manage liquidity requirements by maintaining prudent headroom over forecast borrowings.
  • We ensure that our debt maturity profile is materially longer than our receivables maturity profile.
  • We fund our operating businesses in the currency of the market where each one operates.
  • We actively manage interest rate and currency risks.
  • We ensure access to multiple funding sources – we have three distinct bond markets and a mix of international and local banks funding our operating businesses.

Total debt facilities

At 31 March 2024, we had £630 million of debt facilities in place

  2024 (£m) 2025 (£m) 2026 (£m) 2027 (£m) Total (£m)
Euro   292.3     292.3
Polish PLN     14.3   14.3
Hungarian EUR     9.9   9.9
Swedish SEK 33.6       33.6
Sterling retail       80.0 80.0
Total bonds 33.6 292.3 24.2 80.0 430.2
Multi-currency bank facilities          
Term loans 3.3 22.2 30.9   56.4
Revolving credit facilities 11.5 58.8 37.7   108.0
On-demand facilities 35.4       35.4
Total bank facilities 50.1 81.0 68.7   199.9
Total debt facilities 83.7 373.4 92.9 80.0 630.0
  13% 59% 15% 13% 100%

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 66,652,000 Fixed 9.75% London Fitch BB, Moody’s Ba3
EUR EMTN XS2835773255 14-Jun-24 14-Dec-29 EUR 341,000,000 Fixed 10.75% London Fitch BB, Moody’s Ba3
GBP EMTN retail  XS2551486058 12-Dec-22 12-Dec-27 GBP 80,000,000 Fixed 12.0% London Fitch BB, Moody's Ba3
SEK EMTN XS2385790824 19-Oct-21 19-Oct-24 SEK 450,000,000  Floating 7.00% + 3m SITBOR (0% floor) Sweden / Ireland No
PLN EMTN XS2707609538 03-Nov-23 03-Nov-26 PLN 72,000,000 Floating 8.50% + 6m WIBOR (0% floor) Ireland No
EUR EMTN XS2733606540 18-Dec-23 18-Dec-26 EUR 11,600,000 Fixed 11.50% Ireland No

Date Info Link
12 June 2024 Final Terms View document (PDF)
6 June 2024 EMTN Update Prospectus View document (PDF)
6 June 2024 Trust Deed View document (PDF)
27 November 2023 Amended and Restated Exchange Offer Final Terms View document (PDF)
27 November 2023 Amended and Restated Cash Offer Final Terms View document (PDF)
2 November 2023 Exchange Offer Memorandum View document (PDF)
24 August 2023 EMTN Update Prospectus View document (PDF)
24 August 2023 Trust Deed View document (PDF)
15 November 2022 Exchange offer memorandum and prospectus View document (PDF)
4 November 2022 Supplementary prospectus as approved for the purposes of the UK Prospectus Regulation View document (PDF)
25 August 2022 €1,000,000,000 Euro Medium Term Note Programme prospectus View document (PDF)
25 August 2022 Trust Deed View document (PDF) 
12 November 2020 Agency Agreement View document (PDF) 

Credit rating Long-term Outlook Current report
Fitch BB Stable Fitch report 18/6/2024
Moody Ba3 Stable Moody's report 4/11/22

Our treasury policies address the key treasury risks that the business faces. The policies are designed to provide robust risk management, even in more volatile financial markets and economic conditions within our planning horizon. In addition to these policies, our operational procedures and controls ensure that funds are available in the right currency at the right time to serve our customers throughout the Group.

Funding policy

  • Ensure a resilient funding position for existing business and future growth to be maintained. 
  • Maintain a prudent level of headroom on undrawn bank facilities. 

Currency policy 

  • Ensure funding of receivables portfolios with local currency borrowings (directly or indirectly) to achieve a high level of balance sheet hedging. 
  • We do not hedge the translational risk of foreign currency movements on accounting profits and losses. 

Interest rate policy

  • Significant portion of financial liabilities at fixed interest rates.

Counterparty policy 

  • Requires material exposures to financial counterparties to be limited to BBB-rated entities as a minimum.

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