This excerpt taken from the TKS 20-F filed Apr 30, 2008.
Borrowing facilities are monitored against forecast requirements and timely action is taken to put in place, renew or replace credit lines. Our policy is to reduce financing risk by diversifying our funding sources and by staggering the maturity of our borrowings.
It is our policy to retain sufficient liquidity throughout the capital expenditure cycle to maintain our financial flexibility and to preserve our investment grade credit rating. We do not anticipate any material long-term deterioration in our overall liquidity position in the foreseeable future. Management believes that the current level of working capital is sufficient for the Groups present requirements.
Two bonds have been drawn under the Groups EMTN Program. Our initial £150 million bond has a 10-year maturity and is due in December 2011. In September 2003, we issued a further £250 million bond with a 12-year maturity. Our committed bank borrowing facility is a multi-currency revolving credit facility of £400 million, which matures in August 2010.
Details of our committed and uncommitted borrowing facilities are set out below:
The terms of the bonds entitle the holders to require redemption where there is a change of control of the Company combined with a ratings downgrade. In addition, under the Groups £400 million multi-currency revolving credit facility, the lenders are entitled, on a change of control, to require prepayment of amounts outstanding.
The Group is subject to covenants, representations and warranties commonly associated with investment grade borrowings in respect of its committed borrowing facilities and borrowings under the EMTN Program.
This excerpt taken from the TKS 6-K filed Apr 19, 2005.
AND BORROWING FACILITIES
funds from one part of the Group to meet the obligations of another part wherever possible, to ensure maximum efficiency of the Groups funds. No material restrictions apply which limit the application of this policy. It is anticipated that surplus cash in excess of that required for operating purposes held in operating companies will be repatriated or reinvested in new investments during 2005.