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21 BORROWINGS AND OTHER FINANCIAL LIABILITIES
2007 2006
£m £m
Current
Bank loans, overdrafts and commercial paper1159.7 90.0
Syndicated bank facility2296.9 –
Medium term notes3–901.0
Securitised loan notes4–4.4
Finance lease liabilities 4.4 2.7
Non-equity B shares –54.7
461.0 1,052.8
Non-current
Medium term notes51,177.3 779.0
Securitised loan notes4–307.3
Finance lease liabilities 57.2 47.5
1,234.5 1,133.8
TToottaall1,695.5 2,186.6
1Bank loans, overdrafts and commercial paper includes a £5.0m (last year £5.0m) loan from the Hedge End Park Limited joint venture (see note 16).
2Relates to a £1.2bn five-year committed facility set to mature on 27 March 2011.
3Relates to a number of floating rate medium term notes which matured throughout the 2006/07 financial year linked to sterling and euro LIBOR for periods ranging
from one to six months.
4Relates to three separate bonds securitised against 45 of the Group’s properties which were redeemed on 12 March 2007 in order to release properties for use in the
limited partnership with the Marks & Spencer UK Pension Scheme. See note 11 for further details of the Pension Scheme.
5Relates to fixed rate bonds of £375m at a rate of 6.375% repayable on 7 November 2011, £400m at a rate of 5.625% repayable on 24 March 2014 and £400m at
a rate of 5.875% repayable on 29 May 2012. Interest on all of these bonds is payable annually.
Non-equity B shares 2007 2006
Shares £m Shares £m
Authorised non-equity B shares of 70p each ––3,200,000,000 2,240.0
Allotted, called up and fully paid non-equity shares of 70p each:
At start of year 78,184,314 54.7 93,822,916 65.7
Redemption of B shares (78,184,314) (54.7) (15,638,602) (11.0)
––78,184,314 54.7
On 27 March 2006, the Company gave notice to redeem all of the remaining B shares in issue. The redemption was on the basis of
70p per share. The decision by the Company to redeem all outstanding B shares was consistent with the rights and restrictions
attached to the B shares contained in the circular sent to shareholders in February 2002 prior to approval at the Extraordinary
General Meeting of the Company on 28 February 2002. Prior to redemption, holders of B shares were entitled to receive a sub-
LIBOR dividend in respect of their B shares for the period 26 March to 4 May 2006 which is included within finance costs. The B
shares were redeemed at par on 5 May 2006.
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