Notes to the Financial Statements
19. Borrowings and Other Debt
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Total borrowings | 293,430 | 198,693 |
293,430 | 198,581 | |
These loans are repayable in the following periods after the year end: | ||
In more than five years | 293,430 | 198,693 |
293,430 | 198,693 | |
Long-term bank borrowings | 93,421 | 98,684 |
Private placement borrowings | 200,009 | 100,009 |
293,430 | 198,693 |
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 now due for repayment in full in March 2024. This facility was un-drawn at the year-end (2019: €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 at year end. The balance outstanding at 31 December 2020 was €93.4m (2019: €98.68m).
Private Placement 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 at year end. The balance outstanding at 31 December 2020 was €93.4m (2019: €98.68m).
In addition, the Company issued an amount of unlisted notes to a subset of investors for a nominal price. Unlisted notes offer an alternative mechanism for investors to subscribe for the remaining bonds (instead of purchasing forward purchase bonds). At 31 December 2020 €9,000 had been received by the Company in relation to the purchase of unlisted notes.
The private placement debt and other facilities have conditions which require the Company to maintain certain covenants. At 31 December 2020 the Company is fully in compliance with all covenant requirements.