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Analysis of bank and bond debt | 12 Months Ended
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Dec. 31, 2024
Analysis of bank and bond debt |
Analysis of bank and bond debt | C7. Analysis of bank and bond debt Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date. The Group’s bank debt facilities comprise: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Facility |  | Drawn at |  | ​ |  | Interest rate |  | Facility |  | Drawn at |  | ​ |  | Interest rate
​ | ​ | amount | ​ | year end | ​ | Headroom | ​ | at year end | ​ | amount | ​ | year end | ​ | Headroom | ​ | at year end
​ | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2023 | ​ | 2023 | ​ | 2023 | ​ | 2023
​ | ​ | £m | ​ | £m | ​ | £m | ​ | % | ​ | £m | ​ | £m | ​ | £m | ​ | %
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$700m term loan due October 2025 | ​ | 559 | ​ | 559 | ​ | — | ​ | 5.18 | ​ | — | ​ | — | ​ | — | ​ | —
$50m term loan due May 2025 | ​ | 40 | ​ | — | ​ | 40 | ​ | 0.21 | ​ | — | ​ | — | ​ | — | ​ | —
Non-current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$700m term loan due October 2025 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 550 | ​ | 550 | ​ | — | ​ | 5.94
$1.0bn RCF due October 2029 | ​ | 799 | ​ | — | ​ | 799 | ​ | 0.14 | ​ | 785 | ​ | — | ​ | 785 | ​ | 0.14
​ The Revolving Credit Facility (RCF) remained undrawn throughout 2023 and 2024. There are no financial covenants associated with the RCF or any other debt facility. Medium-term notes and bond debt comprises: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Bond interest |  | Effective hedged |  | Bond interest |  | Effective hedged |
​ | ​ | coupon | ​ | interest rate | ​ | coupon | ​ | interest rate |
​ | ​ | 2024 | ​ | 2024 | ​ | 2023 | ​ | 2023 | ​
Current | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​
€400m bond due November 2024 | ​ | — | ​ | — |  | Fixed 0.950 | % | Fixed 3.60 | %
Non-current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
€500m bond due May 2026 | ​ | Fixed 0.875% | ​ | Fixed 2.66% |  | Fixed 0.875 | % | Fixed 2.80 | %
€850m bond due June 2027 | ​ | Fixed 3.875% | ​ | Fixed 4.95% | ​ | Fixed 3.875 | % | Fixed 5.01 | %
€600m bond due October 2028 | ​ | Fixed 0.500% | ​ | Fixed 2.12% |  | Fixed 0.500 | % | Fixed 2.23 | %
€600m bond due June 2030 | ​ | Fixed 4.375% | ​ | Fixed 4.58% | ​ | Fixed 4.375 | % | Fixed 4.48 | %
£400m bond due June 2032 | ​ | Fixed 5.000% | ​ | Fixed 5.19% | ​ | Fixed 5.000 | % | Fixed 5.20 | %
Average cost of bond debt at year-end rates | ​ | ​ | ​ | 3.96% |  | ​ |  | 3.97 | %
​ On 22 November 2024, the Group fully repaid the €400m bond using surplus cash. The effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency swaps. The Group’s hedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in euro and US dollar. As a result, the Group has swapped a portion of the bonds it has issued into US dollars, thus increasing the effective hedged interest rate. The Group considers the fair value of other current liabilities to be equal to the carrying value.

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