Jockey Club Racecourses Limited Notes to the financial statements Year ended 31 December 2021
16. Creditors: amounts falling due after more than one year
2021 £m
2020 £m
92.0
70.0
Bank loans
(0.8)
(0.8)
Issue costs associated with refinancing
0.3 5.0 0.6 2.6 0.6 3.1 0.2
0.3 3.5
Other loans
Deferred income
Deferred tax
6.6 0.9 3.9 0.2
Interest rate swap
Obligations under finance leases and hire purchase contracts
Amount owed to group undertakings Amount owed to ultimate parent company
81.6
106.6
Repayment Terms
2020
2021
Jockey Club Racecourse
Jockey Club Racecourse
Bank loans
Bond
Finance
Bank loans
Bond
Finance
Company
leases
Company
leases
£m
fin
£m
fm
£m
£m
3.0 5.0
5.0 0.6 3.3
0.3 0.4 0.5
Repayable within one year
0.3 0.3 0.3
0.4
Repayable between one and two years Repayable between two and five years
20.0 50.0
10.0 77.0
3.1
-
Repayable after five years
70.0
3S
0.9
95.0
3.9
1.2
Less: amounts falling due within one year
(0.4)
(3.0)
(5.0)
(0.3)
(0.3)
70.0
3.1
0.6
92.0
3.9
0.9
Bank loans The bank loans consist of a £92m (2020: £95m) senior facility to Jockey Club Racecourses Limited, of which £50m (2020: £95m) is drawn down and is repayable in 2030. The bank loans are secured on the freehold land and buildings owned by the company and interest is charged at a rate depending on the performance of the company and its immediate holding company against the bank leverage covenant which is the ratio of total net debt to EBITDA. The lowest interest rate chargeable is 2.25% above LIBOR (replaced with the SONIA RFR Compound Reference Rate from 31 December 2021). During the year the company obtained a £20m CLBILS facility from its existing banking syndicate which was fully drawn down at 31 December 2021 (2020: £nil). Interest is chargeable at 1.65% above SONIA on £10m of the loan and at 1.75% above SONIA on the remaining £10.0m. Other loans The amount owed to the ultimate parent company of £0.2m (2020: £0.2m) has no fixed repayment date and is interest free. Amounts owed to group undertakings includes £3.5m (2020: £8.9m) which is subject to an interest rate of 4.25% (2020: 4.75%) pa and is repayable from 2020. This loan is attached to an Unlisted Retail Bond issued by The Jockey Club Racecourse Bond Company Plc and is repayable in line with Bondholders' redemptions, the timings of which are not fixed. Other amounts due to group undertakings are interest free and repayable on demand. 6650 126 665
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