Notes to the Financial Statements
20. Borrowings and Other Debt
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Total borrowings | 382,895 | 288,167 |
382,895 | 288,167 | |
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 | 15,790 | 15,790 |
In more than five years | 356,579 | 261,851 |
382,895 | 288,167 | |
Long-term bank borrowings | 82,895 | 88,158 |
Unsecured Class A Senior Bonds | 300,000 | 200,009 |
382,895 | 288,167 |
Current bank borrowings:
The Company has put in place an agreement with Ulster Bank DAC, amounting to a €50m revolving credit facility. This facility was for an initial five year term with an option to extend for two one year periods, subject to bank approval. The Company exercised its option during 2019 to extend the facility which is due for repayment (if drawn) in full in March 2024. On 19 September 2022, this facility agreement with Ulster Bank DAC was transferred to Allied Irish Banks plc under the same terms. This facility was un-drawn at the year-end (2021: €NIL).
The rate of interest on the loan is variable based on EURIBOR and the applicable margin. There is no tangible security held by Ulster Bank 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 2022 was €82.9m (2021: €88.2m).
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 maturity date of the bonds is September 2049. At 31 December 2022 €300m of bonds had been purchased (2021: €200m).
The senior bonds and other facilities have conditions which require the Company to maintain certain covenants. At 31 December 2022 the Company is fully in compliance with all covenant requirements.