Debt Holder Information
The Group’s policy is to ensure that it has constant access, even in periods of market turmoil, to an appropriate level of cash, other forms of marketable securities and committed credit lines to enable it to finance its ongoing operations, proposed acquisitions and other reasonable unanticipated events on cost effective and attractive terms.At 31 March 2012, the Group’s core debt facilities comprised USD 880 million of bank facilities of which USD 363 million were drawn, €300 million of bonds issued under the GBP 1 billion Global Medium Term Note (GMTN) programme and USD 193 million of bonds issued under standalone documentation. As at 31 March 2012, 25 million euros of commercial paper was issued under the Group's £500 million European Commercial Paper (ECP) programme.
The Group is currently rated investment grade by Fitch and Moody’s.
The Board views the retention of investment grade ratings as an important component of both its business model, where matched principal trades involve Group subsidiaries as trade counterparty, and also its ability to raise capital on attractive terms and has, therefore, developed its risk appetite to be consistent with this objective.
As part of the Group’s on-going investor relations programme presentations are made to the Group’s debt holders. Please click here to view the latest presentations.
Contacts:
| Iain Torrens | Group Finance Director | Tel +44 (0) 20 7000 5731 |
| Brigitte Trafford | Director of Corporate Affairs | Tel +44 (0) 20 7050 7103 |
| Wayne Jopson | Director of Treasury | Tel +44 (0) 20 7000 5231 |
| David Ireland | Group Head of Tax and Treasury | Tel +44 (0) 20 7000 5199 |