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98 FINANCIAL STATEMENTS
Tesco PLC Annual Report and Financial Statements 2009
Note 21 Borrowings
Current
Maturity 2009 2008
Par value year £m £m
Bank loans and overdrafts 2009 3,014 1,458
Loan from joint ventures (note 32) 2009 20 10
6% MTN £125m 2008 – 130
5.25% MTN €500m 2008 – 392
5.125% MTN £192m 2009 198 –
1.434% MTN – TPF £295m 2009 295 –
1.684% MTN – TPF £89m 2009 89 –
1.418% MTN – TPF £204m 2009 204 –
Other MTNs – – 192 43
Finance leases (note 37) – – 47 51
4,059 2,084
The loan notes issued as part of the securitisation are secured on portfolios comprising variable rate personal credit cards. The maturity date of the notes
matches the maturity date of the underlying assets and are repayable within one year from the balance sheet date.
Non-current
Maturity 2009 2008
Par value year £m £m
Finance leases (note 37) – – 196 215
5.125% MTN £192m 2009 – 191
6.625% MTN £150m 2010 154 153
4.75% MTN €750m 2010 689 592
3.875% MTN €500m 2011 476 387
5.625% MTN €1,500m 2012 1,362 –
LIBOR + 1.33% Bond – TPF £225m 2012 225 –
5% MTN £600m 2014 592 –
5.125% MTN €600m 2015 522 –
4% RPI MTN(a) £263m 2016 268 254
5.875% MTN €1,500m 2016 1,488 –
5.5% USD Bond $850m 2017 678 455
5.5% MTN £350m 2019 351 350
6.125% MTN £900m 2022 901 –
5% MTN(b) £515m 2023 515 417
3.322% LPI MTN(c) £265m 2025 267 255
6% MTN £200m 2029 216 194
5.5% MTN £200m 2033 216 192
1.982% RPI MTN(d) £221m 2036 221 212
6.15% USD Bond $1,150m 2037 977 604
5% MTN £300m 2042 306 305
5.125% MTN €600m 2047 628 451
5.2% MTN £500m 2057 500 499
Other MTNs – – 285 135
Other loans – – 358 111
12,391 5,972
(a) The 4% RPI MTN is redeemable at par, indexed for increases in the Retail Price Index (RPI) over the life of the MTN.
(b) An additional bond issue increased the principal of this MTN from £415m to £515m in 2008/9.
(c) The 3.322% LPI MTN is redeemable at par, indexed for increases in the RPI over the life of the MTN. The maximum indexation of the principal in any one year is 5%, with a minimum of 0%.
(d) The 1.982% RPI MTN is redeemable at par, indexed for increases in the RPI over the life of the MTN.
Borrowing facilities
The Group has the following undrawn committed facilities available at 28 February 2009, in respect of which all conditions precedent had been met as
at that date:
2009 2008
£m £m
Expiring between one and two years 100 –
Expiring in more than two years 2,600 1,600
2,700 1,600
All facilities incur commitment fees at market rates and would provide funding at floating rates.
Notes to the Group financial statements continued