Credit ratings and debt information
Current credit ratings for GKN Holdings plc are set out in the table below:
| Standard & Poor's |
|
|
|---|
|
BB+ |
(positive outlook) |
| Moody's |
|
|
|---|
|
Ba1 |
(positive outlook) |
| Fitch |
|
|
|---|
|
BBB- |
(stable outlook) |
Funding and liquidity
The Group funds its operations through a mixture of retained earnings and borrowing facilities, including bank and capital markets borrowings and leasing.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through borrowing at a range of maturities. Wherever practicable, pooling, netting or concentration techniques are employed to minimise gross debt of the Group.
The table below summarises the main facilities available:
Available finance
|
Issue Principal |
Coupon |
Maturity |
Amount in issue |
Coupon date* |
|---|
| Unsecured Bonds |
£350m |
6.75% |
2019 |
£350m |
28 October |
|---|
| £325m |
7.00% |
2012 |
£176m |
14 May |
|
|
Facilities Available |
|
Maturity |
|---|
| Revolving Credit Facilities |
|
£495m |
|
2016 |
|---|
| |
£180m |
|
2013 |
| European Investment Bank |
|
£80m |
|
2019 |
|---|
* The coupon is paid by the company to the trustee of the bond on the date show above
As at 30 September 2011, the Group had net debt of £696 million.