Pace plc Annual Report and Accounts 2012 - Financial Statements

Financial StatementsNotesContinued17 Trade and other payablesGroupCompany2012 2011 2012 2011$m $m $m $mTrade payables 547.3 287.9 475.2 194.7Amounts payable to subsidiaryundertakings — — 177.8 177.0Social security and other taxes 2.4 3.9 0.6 1.5Other payables 16.4 24.4 6.2 0.4Accruals 65.7 57.3 35.6 11.5631.8 373.5 695.4 385.118 Interest-bearing loans and borrowingsThe Group’s interest-bearing loans and borrowings are measured at amortised cost. For more information about the Group’sexposure to interest rate, foreign currency and liquidity risk, see Note 19.The Company has a facility underwritten by RBS and HSBC incorporating Lloyds TSB, Barclays, Santander and Yorkshire Bankin a syndicated deal.The main facilities at 31 December 2012, which are all denominated in US Dollars, consist of a $150 million term loan facilitytogether with a $150 million revolving credit facility.The facilities have a termination date of 31 March 2014. Amortisation of the original $300 million term loan commenced on 20 June 2011with repayments of $37.5 million made every six months until 20 December 2013. A final repayment of $75 million is due to bemade on 31 March 2014.Interest is payable on the facilities at LIBOR plus a specified margin. The margin is subject to a ratchet linked to overall leverageconditions of the Group.Facility arrangement and associated fees of $9 million were capitalised and are being amortised over the life of the facilitiesand included within the overall interest costs.There are certain financial covenants with regard to the facilities. These are principally linked to interest cover and net leverage.In addition to the main facilities, a Bi-lateral Bonding Facility with RBS was also entered into and covers bank guarantees,principally in respect of Duty and Deferment requirements ($155,000).The carrying value of the year-end borrowings position is as follows:2012 2011Group and Company $m $mNon-current liabilitiesBank term loans 74.7 147.3Current liabilitiesBank term loans 73.2 73.1Bank revolving credit facility 90.1 150.0163.3 223.1The face value of the borrowings was $75 million (2011: $150 million) in respect of the bank term loans within non-current liabilities,$75 million (2011: $75 million) in respect of the bank term loans within current liabilities and $90.1 million (2011: $150 million) in respectof the bank revolving credit facility.62Annual Report and Accounts 2012 Pace plc