Consolidated profit and loss account - Stagecoach Group

Notes to the accounts 2003
Note 17 Creditors (continued)
(b) Creditors: Amounts falling due after more than one year Group Company
2003 2002 2003 2002
»m »m »m »m
Bank loans and loan notes 181.1 237.3 129.2 190.7
US Dollar 8.625% Notes (note 17c) 208.9 259.3 227.6 342.0
US Dollar 9.375% Notes (note 17d) Nil 0.1 Nil Nil
Euro 6% Notes (note 17e) 195.2 244.7 195.2 244.7
Non-current portion of hire purchase and lease obligations 45.8 65.8 Nil Nil
Deferred income 9.7 Nil Nil Nil
Other creditors Nil 0.9 Nil Nil
Amounts due to group companies Nil Nil 11.4 34.6
640.7 808.1 563.4 812.0
(c) US Dollar 8.625% Notes
On 9 November 1999 the Group issued US$500m of 8.625% Notes due in 2009. Interest on the Notes is payable six monthly in arrears.
Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on 15 November 2009.
During the year US$45.0m (2002 ^ US$71.5m) of the Notes were purchased by the Group. US$135.9m (2002 ^ Nil) of the Notes
purchased have been cancelled. The cumulative par value of Notes repurchased was US$165.9m as at 30 April 2003 (2002 ^ US$120.9m).
The Notes were issued at 99.852% of their principal amount. The consolidated carrying value of the Notes at 30 April 2003 was »208.9m
(2002 ^ »259.3m), after taking account of the notes purchased by the Group, the discount on issue, and issue costs.
(d) US Dollar 9.375% Notes
In June 1997, Coach USA, Inc. issued $150m 9.375% senior subordinated notes due in 2007. Following the acquisition of Coach USA, Inc.
by the Group in July 1999 a tender offer for all the outstanding notes was made at a price of 101% of principal. $0.2m of notes were
tendered and redeemed at this time. On 18 November 1999 a tender and consent offer was made for all the outstanding notes.
On 17 December 1999 $146.4m of notes were tendered and redeemed. Following the tender the terms of the notes were amended to
remove amongst other clauses, restrictive covenants and events of default. $0.1m of these notes remain outstanding.
The remaining notes were redeemed at the option of the Company at a premium of 104.7% on 1 July 2002.
(e) Euro 6% Notes
On 24 November 1999 the Group issued e400m of 6% Notes due in 2004. Interest on the Notes is payable annually in arrears. Unless
previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on 24 November 2004.
During the year e48.6m (2002 ^ e42.6m) of the Notes were purchased by the Group and cancelled. The cumulative par value of Notes
repurchased and cancelled was e99.2m as at 30 April 2003 (2002 ^ e50.6m).
The Notes were issued at 99.937% of their principal amount. The Group has effectively swapped the carrying value into US Dollars and
Sterling with a currency swap. After taking account of the notes repurchased and cancelled, the discount on issue, issue costs and the
currency swap, the carrying value of the Notes at 30 April 2003 was »195.2m (2002 ^ »244.7m).
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