Punch Taverns plc 2011 Annual Report

78
Punch Taverns plc
Annual Report and Financial Statements 2011
Notes to the financial statements continued
for the 52 weeks ended 21 August 2011
22 Financial liabilities continued
Secured loan notes
The secured loan notes have been secured by way of fixed and floating charges over various assets of the Group.
Interest is paid quarterly in arrears on all secured loan notes. Scheduled capital repayments are made quarterly on those loan notes
that are amortising. The details for the secured loan notes, including the date of the final scheduled instalment for each class of note,
as indicated in its description, are as follows:
Issued by Punch Taverns Finance plc:
20 August 2011 21 August 2010
Amounts falling due Amounts falling due
within
one
year
£m
after
more than
one year
£m
Total
£m
within
one
year
£m
after
more than
one year
£m
Class A1 secured fixed rate notes repayable by April 2022
at 7.274% per annum – 270.0 270.0 – 270.0 270.0
Class A2 secured fixed rate notes repayable by July 2020
at 6.82% per annum 22.2 233.1 255.3 22.2 255.3 277.5
Class B1 secured fixed rate notes repayable by April 2026
at 7.567% per annum – 79.5 79.5 – 99.8 99.8
Class B2 secured fixed rate notes repayable by July 2029
at 8.374% per annum – 87.4 87.4 – 117.6 117.6
Class B3 secured floating rate notes repayable by July 2031
at LIBOR 1 +0.24% to July 2014 and LIBOR 1 +0.60%
thereafter – 134.0 134.0 – 159.0 159.0
Class C secured fixed rate notes repayable by April 2033
at 6.468% per annum – 85.1 85.1 – 97.3 97.3
Class M1 secured fixed rate notes repayable by October 2026
at 5.883% per annum 4.8 109.0 113.8 4.5 117.4 121.9
Class M2(N) secured floating rate notes repayable by July 2029
at LIBOR 1 +0.20% to July 2014 and LIBOR 1 +0.50% thereafter – 398.7 398.7 – 398.7 398.7
Class D1 secured floating rate notes repayable by October 2032
at LIBOR 1 +0.82% to July 2014 and LIBOR 1 +2.05% thereafter – 83.7 83.7 – 103.6 103.6
27.0 1,480.5 1,507.5 26.7 1,618.7 1,645.4
Add: premium arising from fair value adjustment 0.7 5.5 6.2 0.7 6.9 7.6
Less: deferred issue costs (1.2) (4.3) (5.5) (1.3) (6.2) (7.5)
26.5 1,481.7 1,508.2 26.1 1,619.4 1,645.5
1
For 3 month deposits.
Total
£m
In the current period, the Group redeemed notes with a nominal value of £111.4m, being £20.3m Class B1, £30.2m Class B2,
£25.0m Class B3, £12.2m Class C, £3.9m Class M1 and £19.8m Class D1 notes.
In the prior period, the Group redeemed notes with a nominal value of £251.8m, being £22.5m Class A2, £3.4m Class A3(N),
£35.3m Class B1, £25.0m Class B2, £8.0m Class B3, £86.7m Class C, £48.2m Class M1, £1.3m Class M2(N) and £21.4m Class D1 notes.
These figures are net of notes held by the Group not yet cancelled, which as at 20 August 2011 were £1.5m Class B1, £12.0m Class B2
and £5.0m Class B3 notes held by Punch Taverns (Finco) Limited (21 August 2010: £5.6m Class B2, £6.0m Class C and £1.1m Class M1
notes held by Punch Taverns Investments (A) Limited).