2007 Annual Report - Sappi
2007 Annual Report - Sappi
2007 Annual Report - Sappi
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US$ million <strong>2007</strong> 2006<br />
21. Interest-bearing borrowings<br />
Secured borrowings<br />
– Mortgage and pledge over trade receivables and certain assets (refer note 25<br />
for details of encumbered assets) 457 459<br />
– Capitalised lease liabilities (refer note 25 for details of encumbered assets) 41 42<br />
Total secured borrowings 498 501<br />
Unsecured borrowings 2,101 1,827<br />
Total borrowings (refer note 31) 2,599 2,328<br />
Less: Current portion included in current liabilities 771 694<br />
1,828 1,634<br />
The repayment profile of the interest-bearing borrowings is as follows:<br />
Payable in the year ended September:<br />
<strong>2007</strong> – 694<br />
2008* 771 66<br />
2009 19 10<br />
2010 69 62<br />
2011 623 553<br />
2012 (September 2006: thereafter) 619 943<br />
Thereafter 498<br />
2,599 2,328<br />
* Included in the US$771 million reflected as payable in 2008 is US$354 million debt relating to securitisation funding (2006: US$347 million included in<br />
US$694 million) which has the character of a revolving facility and therefore has no fixed repayment date, subject to the continued sale of qualifying receivables.<br />
sappi limited | 07 | annual report 117
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