Holiday Inn 2013 Annual Report Download - page 140
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22. Loans and other borrowings
2013 2012
Current
$m
Non-current
$m
Total
$m
Current
$m
Non-current
$m
Total
$m
Secured bank loans –44 –55
Finance lease obligations 16 199 215 16 196 212
£250m 6% bonds 2016 –412 412 –403 403
£400m 3.875% bonds 2022 –654 654 –638 638
Total borrowings 16 1,269 1,285 16 1,242 1,258
Denominated in the following currencies:
Sterling –1,066 1,066 –1,041 1,041
US dollars 16 199 215 16 196 212
Other –44 –55
16 1,269 1,285 16 1,242 1,258
Secured bank loans
The New Zealand dollar mortgage is secured on the hotel property to which it relates. Non-current amounts include $4m (2012 $5m)
repayable by instalments.
Finance lease obligations
Finance lease obligations, which relate to the 99-year lease (of which 92 years remain) on the InterContinental Boston, are payable
asfollows:
2013 2012
Minimum
lease
payments
$m
Present
value of
payments
$m
Minimum
lease
payments
$m
Present
value of
payments
$m
Less than one year 16 16 16 16
Between one and five years 64 48 64 48
More than five years 3,300 151 3,316 148
3,380 215 3,396 212
Less: amount representing finance charges (3,165) –(3,184) –
215 215 212 212
The Group has the option to extend the term of the lease for two additional 20-year terms. Payments under the lease step up at regular
intervals over the lease term.
£250m 6% bonds 2016
The 6% fixed interest sterling bonds were issued on 9 December 2009 and are repayable in full on 9 December 2016. Interest is payable
annually on 9 December in each year commencing 9 December 2010 to the maturity date. The bonds were initially priced at 99.465% of
face value and are unsecured. Currency swaps were transacted at the same time the bonds were issued in order to swap the proceeds
and interest flows into US dollars (see note 23 for further details).
£400m 3.875% bonds 2022
The 3.875% fixed interest sterling bonds were issued on 28 November 2012 and are repayable on 28 November 2022. Interest is payable
annually on28 November in each year commencing 28 November 2013 to the maturity date. The bonds were initially priced at 98.787% of
face value and areunsecured.
138 IHG Annual Report and Form 20-F 2013
Notes to the Group Financial Statements continued