This excerpt taken from the IHG 6-K filed Mar 10, 2005.
REFINANCING OF GROUP DEBT
In November 2004 the Group refinanced its existing bank facility with a new £1.6bn facility. The new facility comprises a £1.1bn five year tranche and a £0.5bn 364 day tranche with an option to extend for one year. As part of this refinancing exercise the Group repurchased its euro and sterling denominated bonds.