Debt Information
Credit Ratings
| Rating agency | Rating | Date |
| Standard & Poor’s | BB+ Stable | April 2010 |
| Moody’s | Ba1 Stable | December 2011 |
Debt Profile
| Debt facility | Interest rate | Maturity | |
| Bank facility | £550m | Private bilateral agreements | November 2015 |
| Corporate bond | £300m | 7.125% | November 2016 |
| Total | £850m |
Covenants
The Group’s net debt for covenant purposes was £460.1m at 28 June 2011.
| Net debt / EBITDA* | Interest cover* | |
| Bank facility covenant | < 3.5x | > 3.0x |
| Covenant as at 28/06/2011 | 1.5x | 5.8x |
* For the purposes of covenant calculations certain adjustments are made to the reported net debt, EBITDA and net cash interest numbers in accordance with the Group’s bank facility agreements.
Relevant accounting policies
Note 21 of 2010 Annual Report and Accounts
Bank loans and other borrowings
Note 22 of 2010 Annual Report and Accounts
Financial risk management
- Liquidity risk
- Capital and financing risk
- Credit risk
- Interest rate risk
- Currency risk
Note 23 of 2010 Annual Report and Accounts
Financial instruments
Note 24 of 2010 Annual Report and Accounts
Derivative financial instruments
- Antepost bets
- Interest rate swaps and hedges
Registered Office: Greenside House, 50 Station Road, Wood Green, London N22 7TP.
Registration Number 4212563 England
