National Grid 2015 Annual Report Download - page 127

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Please find page 127 of the 2015 National Grid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

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Unaudited commentary on borrowings
As at 31 March 2015, total borrowings of £25,910m (2014: £25,950m) including bonds, bank loans, commercial paper, collateral, finance
leases and other debt had decreased by £40m. This represents the ongoing refinancing of the debt portfolio. We expect to repay £3,028m
of our total borrowings in the next 12 months including commercial paper, collateral and interest, and to fund this repayment through the
capital and money markets. The average long-term debt maturity of the portfolio is 13 years (2014: 12 years).
The maturity profile of long-term debt in our major entities is illustrated below:
National Grid long-term debt maturity profile £m
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National Grid Gas Group
National Grid USA/National Grid North America
National Grid Electricity Transmission National Grid plc/NGG Finance
National Grid USA operating companies Grain LNG
1. Includes hybrid bonds at first callable date (euro: 2020; sterling: 2025). Actual maturity of these bonds is euro: 2076; sterling: 2073.
Further information on our bonds can be found in the debt investor section of our website.
Financial Statements
NATIONAL GRID ANNUAL REPORT AND ACCOUNTS 2014/15 125