Notes to the Financial Statements
45
18 Borrowings
Group
Company
2001 US$m
2000 US$m
2001 US$m
2000 US$m
217.5 55.0 21.6 25.0 – 4.1 2.7
216.6 88.8 26.6 25.6 0.2 4.8 3.1
– – 3.2 – – 4.1 2.7
– – 3.0 – 0.2 4.8 3.1
325.9
365.7
10.0
11.1
Repayments falling due: Between one year and two years Between two and five years After five years
267.7 31.9 1.0
11.6 336.6 10.3
1.1 3.6 1.0
1.1 3.5 2.2
After more than one year Within one year
300.6 25.3
358.5 7.2
5.7 4.3
6.8 4.3
325.9
365.7
10.0
11.1
51/2 per cent Exchangeable Notes Revolving Credit Facility Bank loans and overdrafts Project finance loans Suppliers’ credit Finance leases Aviation loans
US$217.5 million (2000: US$216.6 million) of Exchangeable Notes is stated net of deferred loan fees of US$1.1 million (2000: US$2.0 million) which is being amortised over the period of the Notes. Details of the conversion rights of the 51/2 per cent Exchangeable Notes are set out in note 21. Details of the proposed restructuring of the Notes are set out in the Financial Review on page 18. The Revolving Credit Facility carries a margin over US LIBOR of 250 basis points. US$47.2 million of the amount drawn is due for repayment on 15 January 2003 and US$7.8 million is repayable in four equal quarterly instalments commencing on 31 March 2002. Certain of the tranches of the Revolving Credit Facility are secured on certain offshore bank accounts and certain other contracts and arrangements with hedging counterparties outside Ghana. The project finance loans of US$25.0 million are in respect of loans provided to subsidiaries Ghanaian-Australian Goldfields Limited and Teberebie Goldfields Limited and are secured by fixed and floating charges over their respective assets. The Group under its Revolving Credit Facility had undrawn committed borrowing facilities of US$25.4 million as at 31 December 2001 (2000: US$100 million) which is available for drawing until 30 December 2002. The provisions of the Revolving Credit Facility include tightly drawn restrictions on usage of drawdowns under this facility.