Financial statements
Notes to the financial statements
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20 Loans and borrowings
| Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|
| Loans and borrowings are repayable as follows: | ||||
| Within one year | 675 | 231 | 474 | 230 |
| In the second year | 90 | 400 | 90 | 200 |
| In the third year | 81 | 94 | 81 | 94 |
| In the fourth year | 145 | – | 72 | – |
| In the fifth year | – | 149 | – | 74 |
| After five years | 600 | 600 | 600 | 600 |
| 1,591 | 1,474 | 1,317 | 1,198 |
Principal borrowings include:
| Rate | Maturity | Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|---|---|
| Issued under the £2,000 million note issuance programme | ||||||
| Fixed rate | ||||||
| £200 million notes (public issue) | 6.875% | 2007 | 200 | 200 | 200 | 200 |
| £200 million notes (public issue) | 6.875% | 2023 | 200 | 200 | 200 | 200 |
| £400 million notes (public issue) | 5.750% | 2032 | 400 | 400 | 400 | 400 |
| Variable rate | ||||||
| £200 million notes (public issue) | LIBOR+0.100% | 2007 | 200 | 200 | – | – |
| Other | 171 | 94 | 171 | 94 | ||
| 1,171 | 1,094 | 971 | 894 | |||
| Committed multi-currency facilities | ||||||
| £486 million | LIBOR+0.210% | 2010 | – | – | – | – |
| £150 million | LIBOR+0.175% | 2010 | 145 | 148 | 72 | 74 |
| 145 | 148 | 72 | 74 | |||
| Other | ||||||
| Other bonds in issue | 2010 | – | 1 | – | – | |
| Other borrowings | 8 | 2 | 8 | 2 | ||
| Euro commercial paper | 266 | 228 | 266 | 228 | ||
| Finance lease obligations | 1 | 1 | – | – | ||
| 275 | 232 | 274 | 230 | |||
| Total for loans and borrowings | 1,591 | 1,474 | 1,317 | 1,198 | ||
The drawings under the committed multi-currency facilities are repayable within one year but have been classified as repayable at the maturity date as immediate replacement funding is available until those maturity dates. The undrawn commitment fee on the £150 million committed multi-currency facility is 0.05%. The margin on this facility increases to 0.20% if the drawn amount is greater than 50% of the facility. The undrawn commitment fee on the £486 million committed multi-currency facility is 0.08%. The margin on this facility increases to 0.235% if the drawn amount is between 33% and 66% of the facility, and to 0.26% if the drawn amount is greater than 66% of the facility.
All of the Group's borrowings are repayable in one instalment on the respective maturity dates. None of the Group's interest-bearing loans and borrowings are secured on the assets of the Group. The fair value of the loans and borrowings is £1,626 million (2006: £1,543 million).