Notes to the Consolidated Financial Statements

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21

for the year to 31 December 2007

20. Debenture loans

2007 2007 2006 2006
Book value Fair value Book value Fair value
£m £m £m £m
Unsecured  
6.59% US $81m notes 2008 – – 41.3 41.8
Floating rate notes 2008 1.4 1.4 2.0 2.0
9.00% US $35m notes 2009 18.5 19.0 – –
5.73% US $110m notes 2009 55.2 56.5 – –
5.53% US $75m notes 2011 37.6 38.7 38.2 38.2
6.625% £250m guaranteed bonds 2012* 245.8 253.0 243.6 257.0
6.21% US $70m notes 2012 35.4 36.5 – –
6.80% £30m notes 2012 30.0 30.6 – –
4.72% US $28m notes 2013 13.2 13.6 – –
6.31% US $110m notes 2014 55.4 57.1 – –
6.03% US $175m notes 2014 87.7 90.0 89.0 89.2
4.98% US $38m notes 2015 17.7 18.0 – –
6.72% US $30m notes 2017 15.4 15.6 – –
5.29% US $30m notes 2018 13.9 13.9 – –
6.375% £200m bonds 2019 197.5 194.0 197.3 199.0
Secured
Other secured loans – – 1.7 1.8
824.7 837.9 613.1 629.0

* The guarantee in respect of the 6.625% £250m guaranteed bonds due 2012 was released on th 16 January 2004.

2007 2006
£m £m
Repayable    
Total falling due in more than one year 823.3 610.6
Within one year or on demand 1.4 2.5

Interest rates and currencies of debenture loans:

Fixed rate debt
Floating
rate		 Fixed
rate		 Weighted
average interest
rate		 Weighted
average
time until
maturity
£m £m % years
31 December 2007        
Sterling 1.4 473.3 6.53 7.2
US dollars – 350.0 6.05 5.4
1.4 823.3 6.33 6.4
31 December 2006  
Sterling 2.0 440.9 6.7 8.6
US dollars – 168.5 6.1 5.3
Canadian dollars – 1.7 11.4 3.0
2.0 611.1 6.5 7.7

Interest on debenture loans of £100.0m (2006: £100.0m) has been swapped from 6.625 per cent to floating rates based on US$ LIBOR applicable to periods of three months.

The above table does not reflect the impact of these swaps.

Charges for secured loans have been given principally on certain development properties.

There were no defaults or breaches of loan terms during the current or preceding period.