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9   Net debt

31 March
2003				2003	2002
£m			Footnote	£m	£m
		Secured on the assets of the Group
97.7		6.5055% Secured Notes 2038		97.7	97.7
59.2		5.920% Secured Notes 2035	1.2	59.2	59.2
19.7		7.743% Secured Notes 2025	1.3	19.7	19.6
1.9		5.66% 135 Bishopsgate Securitisation 2018	1.4	1.9	1.9
7.1		8.49% 135 Bishopsgate Securitisation 2018	1.4	7.1	7.1
246.6		8 % First Mortgage Debenture Bonds 2035		246.7	246.6
197.2		9 % First Mortgage Debenture Stock 2028		197.2	197.2
12.6		10 ½% First Mortgage Debenture Stock 2019/24		12.6	12.6
20.4		11 % First Mortgage Debenture Stock 2019/24		20.4	20.4
662.4				662.5	662.3
		Unsecured
543.0		Class A1 5.260% Unsecured Notes 2035	1.2,2	573.5	542.8
88.9		Class B 5.793% Unsecured Notes 2035	1.2,2	99.1	88.8
74.0		Class C Fixed Rate Unsecured Notes 2035	1.2,2	83.9	74.0
73.4		Class C2 6.4515% Unsecured Notes 2032	1.1	73.4	73.3
220.0		Class B 6.0875% Unsecured Notes 2031	1.1	220.1	219.9
146.6		Class A3 5.7125% Unsecured Notes 2031	1.1	146.7	146.6
287.8		Class A2 5.67% Unsecured Notes 2029	1.1	285.6	289.9
157.0		Class A2 (C) 6.457% Unsecured Notes 2025	1.3	157.1	156.9
205.6		Class B2 6.998% Unsecured Notes 2025	1.3	205.7	205.5
20.5		Class B3 7.243% Unsecured Notes 2025	1.3	20.5	20.5
318.6		Class A1 Fixed Rate Unsecured Notes 2024	1.1	318.9	318.4
23.3		5.66% 135 Bishopsgate Securitisation 2018	1.4	22.8	23.8
91.6		8.49% 135 Bishopsgate Securitisation 2018	1.4	90.0	93.1
60.9		Class A1 6.389% Unsecured Notes 2016	1.3	59.5	62.1
91.6		Class B1 7.017% Unsecured Notes 2016	1.3	88.8	94.3
161.6		Class C1 6.7446% Unsecured Notes 2014	1.1	154.5	168.6
78.7		Class D Fixed/Floating Rate Unsecured Notes 2014	1.1,3		88.4
49.5		Class A2 5.555% Unsecured Notes 2013	1.2	47.0	49.4
2,692.6				2,647.1	2,716.3
1.7		10 ¼% Bonds 2012		1.7	1.7
97.8		7.35% Senior US Dollar Notes 2007	4	97.8	97.8
0.8		Guaranteed Floating Rate Unsecured Loan Notes 2005		0.7
899.0		Bank loans and overdrafts		907.6	476.1
3,691.9				3,654.9	3,291.9
		Convertible Bonds
146.8		6% Subordinated Irredeemable Convertible Bonds		146.9	146.8
4,501.1		Gross debt		4,464.3	4,101.0
(139.7)		Cash and deposits	5	(119.8)	(133.9)
4,361.4		Net debt		4,344.5	3,967.1
		1 These borrowings are obligations of ringfenced, default remote, special purpose companies, with no recourse to other companies or assets in the Group.
1,384.4		1.1   Broadgate (Funding) PLC		1,296.9	1,402.8
814.6		1.2   MSC (Funding) PLC		862.7	814.2
555.3		1.3   BLSSP (Funding) PLC		551.3	558.9
123.9		1.4   135 Bishopsgate Financing Ltd		121.8	125.9
2,878.2		Total securitised debt		2,832.7	2,901.8
		2 A total of £50 million Notes were issued on 14 April 2003.
		3 These Notes were redeemed and cancelled on 7 July 2003.
		4 These borrowings have been hedged into Sterling from the date of issue.
		5 Cash and deposits not subject to a security interest amount to £29.4 million (31 March 2003: £45.9 million; 30 September 2002: £37.9 million).

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Maturity analysis of net debt

31 March
2003			2003	2002
£m			£m	£m
		Repayable:
234.7		within one year and on demand	220.8	322.7
459.6		between:      one and two years	480.2	150.1
543.6		two and five years	526.1	359.5
431.1		five and ten years	404.2	392.6
430.8		ten and fifteen years	442.9	427.1
469.9		fifteen and twenty years	484.7	462.7
789.0		twenty and twenty five years	780.7	607.5
666.8		twenty five and thirty years	671.1	855.9
328.8		thirty and thirty five years	306.7	376.1
146.8		Irredeemable	146.9	146.8
4,501.1		Gross debt	4,464.3	4,101.0
(139.7)		Cash and deposits	(119.8)	(133.9)
4,361.4		Net debt	4,344.5	3,967.1

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Maturity of committed undrawn borrowing facilities

31 March
2003				2003	2002
£m				£m	£m
		Expiring:
133.1		within one year		56.7	341.8
30.0		between:	one and two years	20.0	54.0
255.0			two and three years	170.0	380.0
170.0			three and four years	150.0	330.0
			four and five years	355.0	210.0
8.6			over five years		32.4
596.7		Total		751.7	1,348.2

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Interest rate profile – including effect of derivatives

31 March
2003			2003	2002
£m			£m	£m
3,543.8		Fixed rate	3,497.3	3,494.5
100.0		Capped rate	100.0	100.0
717.6		Variable rate (net of cash)	747.2	372.6
4,361.4		Net debt	4,344.5	3,967.1

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Unamortised debt issue costs
Total unamortised issue costs, less premiums, reducing the principal amount of debt in arriving at the Balance Sheet values amount to £54.4 million (31 March 2003: £57.5 million; 30 September 2002: £59.3 million), as detailed below.

31 March
2003			2003	2002
£m			£m	£m
48.1		Securitised debt	45.2	49.9
6.2		Debentures	6.1	6.2
3.2		Convertible Bonds	3.1	3.2
57.5			54.4	59.3

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Comparison of market values and book values at 30 September 2003

	Market	Book
	Value	Value	Difference
	£m	£m	£m
Fixed rate debt:
Securitised debt	3,079.4	2,832.7	246.7
Debentures and unsecured bonds	743.9	576.4	167.5
Convertible Bonds	176.3	146.9	29.4
Bank and other floating rate debt	908.3	908.3
Cash and deposits	(119.8)	(119.8)
	4,788.1	4,344.5	443.6
Derivatives:
unrecognised gains	(10.9)		(10.9)
unrecognised losses	34.4		34.4
	23.5		23.5
Total	4,811.6	4,344.5	467.1
The market value and difference are shown before any tax relief.

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