Punch Taverns plc 2007 Annual Report and Financial Statements

20 Financial liabilities continued
Secured loan notes
The secured loan notes have been secured by way of fixed and floating charges over various assets of the Group.
Interest is paid quarterly in arrears on all secured loan notes. Scheduled capital repayments are made quarterly on those loan notes
that are amortising. The details for the secured loan notes, including the date of the final scheduled instalment for each class of note
as indicated in its description are as follows:
Issued by Punch Taverns Finance plc:
18 August 2007 19 August 2006
Amounts falling due
within
one year
£m
after more
than one
year
£m
Total
£m
Amounts falling due
within
one year
£m
after more
than one
year
£m
Class A1 secured fixed rate notes repayable by
April 2022 at 7.274% per annum – 270.0 270.0 – 270.0 270.0
Class A2 secured fixed rate notes repayable by
July 2020 at 6.82% per annum – 300.0 300.0 – 300.0 300.0
Class A3 secured floating rate notes repayable by
April 2009 at LIBOR 1 +0.32% per annum – – – 31.8 53.2 85.0
Class A3(N) secured floating rate notes repayable
by April 2015 at LIBOR 1 +0.13% 31.5 93.5 125.0 – – –
Class B1 secured fixed rate notes repayable by
April 2026 at 7.567% per annum – 140.0 140.0 – 140.0 140.0
Class B2 secured fixed rate notes repayable by
July 2029 at 8.374% per annum – 150.0 150.0 – 150.0 150.0
Class B3 secured floating rate notes repayable by
July 2031 at LIBOR 1 +0.24% to July 2029 and
LIBOR 1 +0.60% thereafter – 175.0 175.0 – – –
Class C secured fixed rate notes repayable by
April 2033 at 6.468% – 215.0 215.0 – 215.0 215.0
Class M1 secured fixed rate notes repayable by
October 2026 at 5.883% per annum – 200.0 200.0 – 200.0 200.0
Class M2 secured floating rate notes repayable by
October 2026 at LIBOR 1 +1.15% to October 2011
and LIBOR 1 +2.3% thereafter – – – – 400.0 400.0
Class M2(N) secured floating rate notes repayable by
July 2029 at LIBOR 1 +0.20% to July 2014 and
LIBOR 1 +0.50% thereafter – 400.0 400.0 – – –
Class D1 secured floating rate notes repayable by
October 2032 at LIBOR 1 +0.82% to July 2024 and
LIBOR 1 +2.05% thereafter – 125.0 125.0 – – –
31.5 2,068.5 2,100.0 31.8 1,728.2 1,760.0
Add: premium arising from fair value adjustment 0.9 10.8 11.7 0.8 11.7 12.5
Less: deferred issue costs (1.1) (13.9) (15.0) (1.6) (9.9) (11.5)
31.3 2,065.4 2,096.7 31.0 1,730.0 1,761.0
1
For 3 month deposits.
The Group’s debt restructure completed on 5 July 2007 and resulted in the following changes to the Punch Taverns Finance plc debt
structure:
The Class A3 and Class M2 loan notes were redeemed in full on 5 July 2007; and
£825.0m of new loan notes (Class A3(N), Class B3, Class M2(N) and Class D1) were issued by Punch Taverns Finance plc.
Total
£m
Punch Taverns plc Annual Report and Financial Statements 2007 733