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Analysis of bank and bond debt (Tables)

12 Months Ended

Dec. 31, 2023

Analysis of bank and bond debt

Summary of borrowings

Facility

Drawn at

Interest rate

Facility

Drawn at

Interest rate

amount

year end

Headroom

at year end

amount

year end

Headroom

at year end

2023

2023

2023

2023

2022

2022

2022

2022

£m

£m

£m

%

£m

£m

£m

%

Non-current

$700m term loan due October 2025

550

550

—

5.94

579

579

—

4.90

$1.0bn RCF due October 2028

785

—

785

0.14

827

—

827

0.14


		Bond interest		Effective hedged		Bond interest		Effective hedged
		coupon		interest rate		coupon		interest rate
		2023		2023		2022		2022
Current
€400m bond due November 2024		Fixed 0.950%		Fixed 3.60%		Fixed 0.950	%	Fixed 3.21	%
Non-current
€500m bond due May 2026		Fixed 0.875%		Fixed 2.80%		Fixed 0.875	%	Fixed 1.78	%
€850m bond due June 2027		Fixed 3.875%		Fixed 5.01%		Fixed 3.875	%	Fixed 3.98	%
€600m bond due October 2028		Fixed 0.500%		Fixed 2.23%		Fixed 0.500	%	Fixed 1.30	%
€600m bond due June 2030		Fixed 4.375%		Fixed 4.48%		Fixed 4.375	%	Fixed 4.38	%
£400m bond due June 2032		Fixed 5.000%		Fixed 5.20%		Fixed 5.000	%	Fixed 5.11	%
Average cost of bond debt at year-end rates				3.97%				3.28	%