Marks and Spencer 2005 Annual Report Download - page 52

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50 MARKS AND SPENCER GROUP PLC
Notes to the financial statements continued
22 ANALYSIS OF FINANCIAL LIABILITIES continued
B Maturity of financial liabilities Group
2005 2004
£m £m
Repayable within one year or on demand:
Bank loans, overdrafts and commercial paper 212.9 126.0
Syndicated bank facility 200.0 –
Medium term notes 58.3 216.5
Securitised loan notes 3.2 2.7
B shares (see note 25) 65.7 84.9
Other creditors 2.3 32.6
542.4 462.7
Repayable between one and two years:
Medium term notes 820.7 309.8
Securitised loan notes 3.5 3.2
Other creditors 2.2 22.3
826.4 335.3
Repayable between two and five years:
Medium term notes –903.4
Securitised loan notes 12.5 11.4
Other creditors 0.7 21.9
13.2 936.7
Repayable in five years or more:
Medium term notes1767.9 766.8
Securitised loan notes2294.4 298.7
1,062.3 1,065.5
2,444.3 2,800.2
1Relates to two fixed rate bonds at rates of 6.375% repayable on 7 November 2011 and 5.625% repayable on 24 March 2014.
2Relates to three separate bonds securitised against 45 of the Group’s properties. Two are repayable in instalments. The gross amounts before finance costs
are £54.6m and £131.0m respectively. The first is a floating rate bond which has been swapped into a fixed rate of 6.34%, amortised on a quarterly basis
from 12 March 2002, with final payment due on 12 September 2015. The second is a floating rate bond which has been swapped into a fixed rate of
6.344%, amortised on a quarterly basis from 12 September 2015, with final payment due on 12 December 2026. The gross amount of the remaining bond
is £140.0m before finance costs. It relates to a fixed rate bond at a rate of 6.282% and is repayable in full on 12 December 2026.
C Borrowing facilities
At 2 April 2005, the Group had a five-year syndicated bank facility of £1.2bn, of which £200m had been drawn, and an undrawn
committed facility of £60m (last year £405m) linked to its commercial paper programme, which is subject to annual review. The Group also
has a number of undrawn uncommitted facilities available to it. At 2 April 2005, these amounted to £190m (last year £415m), all of which
are due to be reviewed within a year.