We have principally long-term fixed rate borrowings, with additional flexibility provided through a shorter term revolving credit facility.
As at 30 September 2023, our overall debt structure can be summarised as follows:-
• Total drawn debt of £226.8 million
• Net gearing 28%
• Average debt maturity of 7.8 years
• Weighted average interest rate of 3.9% (93% fixed)
• £35 million undrawn revolving credit facility
The Group has a loan with Canada Life Limited for £129 million, which is fully drawn. The loan expires in July 2031 and interest is fixed at 3.25% over the life of the loan.
Additionally, the Group has a term loan facility agreement with Aviva Commercial Finance Limited for £95.3 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 until May 2025. There is currently £15 million drawn under the facility, interest is charged at 150 basis points over SONIA.
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