FINANCIAL LIABILITIES - BORROWING

12 Months Ended

Dec. 31, 2023

In 2021, the Group completed a refinancing of its term loan, repaying in full the existing $235m term loan and replacing it with a new term loan with a principal amount of $250m. The Group capitalized $8m of deferred financing and original issue discount costs related to the new term loan, which were netted against the total amount borrowed and are amortized over the maturity period using the effective interest method.


Term loan (in millions)	2023		2022		2021
Term loan – current	(3)		(3)		(3)
Term loan – non-current	(236)		(237)		(239)
Total term loan	$	(239)	$	(240)	$	(242)

The terms of the loan in effect at December 31, 2023 are as follows:

Currency

Nominal interest margin

Maturity

Required annual repayments

Minimum liquidity

Term loan facility

USD

SOFR + 0.26% + 5.25%

June 2026

Larger of $100m or 50% of loan balance

The outstanding principal amount of the term loan amounting to $244m (2022: $246m; 2021: $249m) is secured against the assets of certain subsidiaries of the Group in the form of guarantees issued by respective subsidiaries.

Nominal interest margin is calculated as USD SOFR plus 0.26%, subject to a floor of 0.75%, plus a credit spread adjustment of 5.25%. There are no revolving credit commitments.

Maturity of gross borrowings (including expected interest using the rate at the balance sheet date):


(in millions)	2023		2022		2021
Within one year or on demand	(30)		(25)		(18)
Bank loans payable due:
Later than one and less than five years	(281)		(299)		(298)
More than five years	—		—		—
Gross borrowings (including interest)	$	(311)	$	(324)	$	(316)

Analysis of changes in liabilities from financing activities


(in millions)	At January 1, 2023		Cash flows		Profit and loss		Additions		Reclassifications		Exchange adj.		At December 31, 2023
Current borrowings	(3)		12		—		(10)		(2)		—		(3)
Non-current borrowings	(237)		—		(1)		—		2		—		(236)
Lease liabilities	(37)		8		—		(13)		—		(1)		(43)
Share repurchase	(9)		33		—		(47)		—		—		(23)
Total	$	(286)	$	53	$	(1)	$	(70)	$	—	$	(1)	$	(305)


(in millions)	At January 1, 2022		Cash flows		Profit and loss		Additions		Reclassifications		Exchange adj.		At December 31,2022
Current borrowings	(3)		3		—		—		(3)		—		(3)
Non-current borrowings	(239)		—		(2)		1		3		—		(237)
Lease liabilities	(44)		9		—		(5)		—		3		(37)
Share repurchase	—		90		—		(99)		—		—		(9)
Total	$	(286)	$	102	$	(2)	$	(103)	$	—	$	3	$	(286)


(in millions)	At January 1, 2021		Cash flows		Profit and loss		Additions		Reclassifications		Exchange adj.		At December 31,2021
Current borrowings	(4)		3		—		—		(2)		—		(3)
Non-current borrowings	(230)		233		(2)		(242)		2		—		(239)
Lease liabilities	(51)		8		—		(2)		—		1		(44)
Share repurchase	—		101		—		(101)		—		—		—
Total	$	(285)	$	345	$	(2)	$	(345)	$	—	$	1	$	(286)