Dechra Pharmaceuticals PLC

Dechra Pharmaceuticals PLC

Annual Report and Accounts for the year ended 30 June 2012

20. Borrowings

2012
£'000
2011
£'000
Current liabilities:
Bank loans5,0008,000
Finance lease obligations695502
Arrangement fees netted off(589)
5,1068,502
Non-current liabilities:
Bank loans115,75755,746
Finance lease obligations246339
Arrangement fees netted off(1,957)
114,04656,085
Total borrowings119,15264,587

On 4 April 2012, the Group refinanced its existing bank facility, which gave rise to a loss on extinguishment of debt of £158,000. The Group's revised borrowing facilities comprise a term loan of £55 million payable over 4½ years, a £65 million revolving credit facility committed until 31 October 2016, an overdraft facility of £10 million (currently unutilised) renewable on 1 April 2013 and various finance lease obligations.

At the year end, the Group had the following unutilised borrowing facilities:

2012
£'000
2011
£'000
Bank overdraft facility10,00010,000
Revolving credit facility254

The term loan, revolving credit and overdraft facilities are secured by a fixed and floating charge on the assets of the Group. Interest is charged at 2.50% over LIBOR in respect of the term loan and revolving credit facility and 2.50% over base rate in respect of the overdraft facility. No covenants have been breached during the year ended 30 June 2012.

The maturity of the bank loans and overdrafts is as follows:

2012
£'000
2011
£'000
Payable:
Within one year5,0008,000
Between one and two years10,0008,000
Between two and five years105,75747,746
Due after five years
120,75763,746

The minimum lease payments and the present value of minimum lease payments payable under finance lease obligations are:

Minimum Lease
Payments
Present Value of
Minimum Lease
Payments
2012
£'000
2011
£'000
2012
£'000
2011
£'000
Within one year730543695502
Between one and two years217343210335
Between two and five years364364
Total minimum lease payments983890941841
Future finance charges(42)(49)
Present value of lease obligations941841941841

Further information on the interest profile of borrowings is shown in note 22.

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