The borrowings are repayable as follows:

The carrying amounts of the Group's borrowings are denominated in the following currency:

Undrawn borrowing facilities

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:

1. 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.
2. Management assessed that all loan covenants have been complied with as at 31 December 2018.