Peachtree 2012 Annual Report Download - page 108

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Net debt and capital structure continued
12 Cash flow and net debt continued
12.3 Cash and cash equivalents (excluding bank overdrafts)
2012
£m
2011
£m
Cash at bank and in hand 61.3 64.3
Short-term bank deposits 0.3 118.5
61.6 182.8
The effective interest rate on short-term deposits was 7.0% (2011: 0.7%) and these deposits have an average maturity of 90 days (2011: 29 days).
The Group’s credit risk on cash and cash equivalents is limited because the counterparties are well established banks with high credit ratings.
12.4 Borrowings
Current
2012
£m
2011
£m
Bank overdrafts 7.2 0.8
Finance lease obligations 1.2 0.9
8.4 1.7
Non-current
2012
£m
2011
£m
US senior loan notes – unsecured 185.3 189.9
Bank loans – unsecured 13.9 0.1
Finance lease obligations 1.6 2.4
200.8 192.4
Included in loans above is £199.2m (2011: £190.0m) of unsecured loans (after unamortised issue costs). These borrowings were taken out in connection
with acquisitions.
The Group has US$300.0m (£185.8m, 2011: £192.6m) of US senior loan notes, which were issued into the US private placement market. These notes mature
US$200.0m (£123.8m, 2011: £128.4m) in 2015, US$50.0m (£31.0m, 2011: £32.1m) in 2016 and US$50.0m (£31.0m, 2011: £32.1m) in 2017 and carry interest
coupons of 4.39%, 4.78% and 5.15% respectively.
There were £15.0m drawings (2011: £nil) under the multi-currency revolving credit facility of £338.3m (2011: £358.3m) expiring on 31 August 2015, which
consists both of US$271.0m (£167.8m, 2011: £174.0m) and of €214.0m (£170.5m, 2011: £184.3m) tranches.
Unsecured bank loans were drawn in the following currencies: Sterling £15.0m (2011: £nil), US Dollar £nil (2011: £nil), Euro £nil (2011: £0.1m), which bear
an average fixed interest rate of 1.73% (2011: 4.2%).
In the table above, bank loans and loan notes are stated net of unamortised issue costs of £1.6m (2011: £2.7m). The Group has incurred total issue costs
amounting to £4.4m (2011: £4.4m) in respect of these facilities. These issue costs were paid during the year ended 30 September 2010, no issue costs were
incurred during the current financial year. These costs are allocated to the income statement over the term of the facility using the effective interest method.
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