Notes to the Financial Statements
20. Borrowings and Other Debt
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Total borrowings | 377,632 | 382,895 |
377,632 | 382,895 | |
These loans are repayable in the following periods after the year end: |
|
|
In less than one year |
5,263 |
5,263 |
In one to two years |
5,263 |
5,263 |
In three to five years | 29,428 | 15,790 |
In more than five years | 337,678 | 356,579 |
377,632 | 382,895 | |
Long-term bank borrowings | 77,632 | 82,895 |
Unsecured Class A Senior Bonds | 300,000 | 300,000 |
377,632 | 382,895 |
Current bank borrowings:
The Company has a €50 million revolving credit facility agreement with Allied Irish Banks, plc. (originally with Ulster Bank DAC and transferred under the same terms). This facility was un-drawn at the year-end and is due for repayment (if drawn) in full in March 2024. The facility is undrawn to date. The facility will expire in March 2024, and it is intended to go to market for a replacement facility during the year.
The rate of interest on the loan is variable based on EURIBOR and the applicable margin. There is no tangible security held by Allied Irish Banks, plc on this facility.
Long-term bank borrowings:
In December 2015 the Company entered into a Finance Contract with the European Investment Bank in respect of a €100m project finance facility. This facility is for a 20-year term of which was fully drawn down. The balance outstanding at 31 December 2023 was €77.6m (2022: €82.9m).
Unsecured Class A Senior Bonds:
In December 2019 the Company issued €300m unsecured senior bonds to a range of institutional investors. These fixed rate (fixed interest rate: 2.406%) bonds are issued in Euro currency and are listed on the Global Exchange Market of Euronext Dublin. The final maturity date of the bonds is September 2049. At 31 December 2023, €300 million of unsecured bonds have been drawn down (2022: €300 million). The first year of repayment of principal on the bond is 2028 and is payable in twenty-two equal instalments each year until maturity.
The senior bonds and other facilities have conditions which require the Company to maintain certain covenants. At 31 December 2023 the Company is fully in compliance with all covenant requirements.