BT 2004 Annual Report Download - page 104
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25. Loans and other borrowings 2004
£m
2003
£m
US dollar 8.875% notes 2030 (minimum 8.625%
a
)1,686 1,928
5.75% bonds 2028 596 596
3.5% indexed linked notes 2025 270 262
8.625% bonds 2020 297 297
7.75% notes 2016 (minimum 7.5%
a
)691 691
Euro 7.125% notes 2011 (minimum 6.875%
a
)734 1,368
US dollar 8.375% notes 2010 (minimum 8.125%
a
)1,795 2,049
US dollar 8.765% bonds 2009 123 138
Euro 11.875% senior notes 2009 33
US dollar convertible 2008 (0.75%) 97 –
US dollar 7% notes 2007 596 606
12.25% bonds 2006 229 229
7.375% notes 2006 (minimum 7.125%
a
)398 398
Euro 6.375% notes 2006 (minimum 6.125%
a
)1,861 1,858
US dollar 7.875% notes 2005 (minimum 7.624%
a
)1,902 1,942
US dollar 6.75% bonds 2004 597 604
Euro 5.875% notes 2004 (minimum 5.625%
a
)–1,087
US dollar floating rate notes 2003
a
–761
7.125% bonds 2003 –500
Total listed bonds, debentures and notes 11,875 15,317
Lease finance 1,099 13
Bank loans due 2004-2009 (average effective interest rate 9.8%) 480 558
Floating rate note 2004-2009 (average effective interest rate 4.1%) 101 112
Floating rate loan 2006 (average effective interest rate 4.6%) 140 –
Bank overdrafts and other short-term borrowings 24
Total loans and other borrowings 13,697 16,004
a
The interest rate payable on these notes will be subject to adjustment from time to time if either Moody’s or Standard and Poor’s (S&P) reduces the
rating ascribed to the group’s senior unsecured debt below A3 in the case of Moody’s or below A minus in the case of S&P. In this event, the interest rate
payable on the notes and the spread applicable to the floating notes will be increased by 0.25% for each ratings category adjustment by each ratings
agency. In addition, if Moody’s or S&P subsequently increase the rating ascribed to the group’s senior unsecured debt, then the interest rate then
payable on notes and the spread applicable to the floating notes will be decreased by 0.25% for each rating category upgrade by each rating agency, but
in no event will the interest rate be reduced below the minimum interest rate reflected in the table above.
Apart from the lease finance all borrowings at 31 March 2004 are unsecured. Lease finance is repayable by
instalments.
2004
£m
2003
£m
Repayments fall due as follows:
Within one year, or on demand 1,271 2,548
Between one and two years 4,361 846
Between two and three years 777 4,031
Between three and four years 854 501
Between four and five years 100 606
After five years 6,334 7,472
Total due for repayment after more than one year 12,426 13,456
Total loans and other borrowings 13,697 16,004
BT Annual Report and Form 20-F 2004103 Notes to the financial statements