The borrowings are repayable as follows:

£ Millions20182017
On demand or within one year
In the second year
In the third year63.5
In the fourth year24.0

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

£ Millions20182017
Bank loans (in USD)63.524.0

Undrawn borrowing facilities

£ Millions20182017
Expiring beyond one year19.05.4

The average interest rates paid were as follows:

£ Millions20182017
Bank overdrafts1.8%
Bank loans3.3%2.1%

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.