The borrowings are repayable as follows:
|On demand or within one year||–||–|
|In the second year||–||–|
|In the third year||63.5||–|
|In the fourth year||–||24.0|
The carrying amounts of the Group's borrowings are denominated in the following currency:
|Bank loans (in USD)||63.5||24.0|
Undrawn borrowing facilities
|Expiring beyond one year||19.0||5.4|
The average interest rates paid were as follows:
There is no drawdown on bank overdrafts (2017: £1.3 million) during the year.
The fair value of the Group's bank loans and overdrafts approximates their book value.
The other principal features of the Group's borrowings are as follows:
- On 27 September 2017, the Group entered into a revolving credit facility of US$40.0 million with a US$20.0 million additional accordion option with HSBC and Fifth Third Bank. In May 2018, the Group increased the revolving credit facility to US$85.0 million with a US$20.0 million additional accordion option. In November 2018, the Group has fully exercised the US$20.0 million additional accordion option and the revolving credit facility has increased to US$105.0 million. The facility has no fixed repayment terms until maturity. The revolving loan is priced at LIBOR plus a margin of 1.2% for the utilisation facility and a margin of 0.4% to 0.5% for the unutilised facility.
- Management assessed that all loan covenants have been complied with as at 31 December 2018.