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ELN » Topics » (4) Variable interest rates are based on average LIBOR rates in 2006.

This excerpt taken from the ELN 6-K filed Mar 31, 2008.
(4) Variable interest rates are based on average LIBOR rates in 2006.
 
We held three interest rate swap derivatives associated with our fixed-rate debt at 31 December 2006:
 
                                             
    2007
 		  2008
 		    2009
 		  2010
 		  2011
 		  Thereafter
 		  Total
    $m   $m     $m   $m   $m   $m   $m
 
Interest Rate Swaps:
                                           
Fixed to Variable
    —     300.0 (1)     —     —     —     —     300.0
Average pay rate
    —     8.57%       —     —     —     —     8.57%
Net receive rate
    —     7.25%       —     —     —     —     7.25%
                                             
 
(1)  All of the above interest rate swaps were cancelled in January 2007 in connection with the redemption of the Athena Notes. Refer to Note 21 for additional information.
 
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