Page 76 - RFU Annual Report 2018

7 FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
4

21. Finance leases

In previous years, the Group and Parent used finance leases to acquire equipment. These leases had terms of renewal but no
purchase or escalation clauses. Renewals were at the option of the lessee. Future minimum lease payments under the leases
were
asfollows:
Group Group Parent Parent
2018 2017 2018 2017
£m £m £m £m
Amounts falling due
Within one year - 0.3 - 0.3

- 0.3 - 0.3

Group Group Parent Parent
2018 2017 2018 2017
22. Bank loans £m £m £m £m

Amounts falling due between two and five years 44.3 34.7 44.3 34.7

In December 2017 the RFU replaced its previous five year unsecured revolving credit facility with two new facilities - a
committed term loan and a committed revolving credit facility with a combined value of £75m. The term loan of £50m has
interest payable at 2.25% above LIBOR on drawn down funds, while the £25m revolving credit facility has interest payable
at 1.75% above LIBOR on drawn down funds. In addition the revolving credit facility has a non-utilisation fee of 0.70% on
the available commitment not drawn down. The RFU also has an overdraft facility of £25m that has interest payable at
1.75% above base rate. The bank loan balance is offset by an arrangement fee of £0.7m (2017: £0.3m) for the aforementioned
facilities. The fees are released on a straight line basis over the period of the facilities.

23. Debentures

During the year 1,397 (2017: 1,335) debentures of the same class were issued for a total consideration of £6.2m (2017: £13.9m).
All debentures are interest free, unsecured and are repayable at par.

Group & Parent Group & Parent
Analysis of debt maturity 2018 2017
£m £m
Debentures 2075 9.8 9.8
Debentures 2076 6.7 6.7
Debentures 2077 4.0 4.0
Debentures 2078 19.1 19.1
Debentures 2079 5.2 5.2
Debentures 2080 12.6 12.6
Debentures 2081 26.9 26.9
Debentures 2083 7.7 7.7
Debentures 2085 15.7 15.7
Debentures 2086 10.2 10.2
Debentures 2087 4.2 4.2
Debentures 2088 28.6 28.6
Debentures 2089 7.4 7.4
Debentures 2090 0.1 0.1
Debentures 2091 40.9 40.9
Debentures 2092 11.4 11.4
Debentures 2093 8.7 2.5

219.2 213.0

Annual
Report
2018