Debt Overview

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

As at 31 March 2020, our overall debt structure can be summarised as follows:-

  • Total drawn debt of £167.5 million
  • Net gearing 21.7%
  • Average debt maturity of 9.9 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.

If you would like to receive more frequent communication from us, including our quarterly investor updates, please subscribe to our mailing list.