Debt Overview

We have principally long-term fixed rate borrowings, with additional flexibility provided through a shorter term revolving credit facilities.

As at 31 March 2021, our overall debt structure can be summarised as follows:-

  • Total drawn debt of £166.2 million
  • Net gearing 20.9%
  • Average debt maturity of 8.9 years
  • Weighted average interest rate of 4.2% (100% fixed)
  • £50 million undrawn revolving credit facility

The Group has a loan with Canada Life Limited for £80 million, which is fully drawn. The loan expires in July 2027 and interest is fixed at 4.08% over the life of the loan.

Additionally, the Group has a term loan facility agreement with Aviva Commercial Finance Limited for £90.1 million, which was fully drawn in July 2012. The loan matures in July 2032, with approximately one third repayable over the life of the loan in accordance with a scheduled amortisation profile. Interest on the loan is fixed at 4.38% over the life of the loan.

The Group has a revolving credit facility which provides access to £50 million of committed funds. If drawn, interest will be charged at 150 basis points over the three month LIBOR rate.

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