20. Loans and other borrowings


	2017						2016
	Current $m		Non-current $m		Total $m		Current $m		Non-current $m		Total $m
Unsecured bank loans		—		262		262		—		107		107
Finance lease obligations		16		215		231		17		210		227
£400m 3.875% bonds 2022		—		538		538		—		489		489
£300m 3.75% bonds 2025		—		406		406		—		370		370
£350m 2.125% bonds 2026		—		472		472		—		430		430
		16		1,893		1,909		17		1,606		1,623
Bank overdrafts		110		—		110		89		—		89
Total loans and other borrowings		126		1,893		2,019		106		1,606		1,712
Denominated in the following currencies:
Sterling		—		1,416		1,416		—		1,289		1,289
US dollars		124		477		601		101		317		418
Euros		2		—		2		2		—		2
Other		—		—		—		3		—		3

		126		1,893		2,019		106		1,606		1,712

Loans and other borrowings, excluding bank overdrafts, comprise the liabilities included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:


	At 1 January 2017 $m		Cash flows $m		Exchange adjustments $m		Other $m		At 31 December 2017 $m
Unsecured bank loans		107		153		1		1		262
Finance lease obligations		227		—		—		4		231
£400m 3.875% bonds 2022		489		—		48		1		538
£300m 3.75% bonds 2025		370		—		36		—		406
£350m 2.125% bonds 2026		430		—		42		—		472

		1,623		153		127		6		1,909

Unsecured bank loans

Unsecured bank loans are borrowings under the Group’s Syndicated and Bilateral Facilities. Amounts are classified as non-current when the facilities have more than 12 months to expiry.

The Syndicated Facility comprises a $1,275m five-year revolving credit facility maturing in March 2022.

The Bilateral Facility comprises a $75m revolving credit facility maturing in March 2022. The Bilateral Facility contains the same terms and covenants as the Syndicated Facility.

A variable rate of interest is payable on amounts drawn under both facilities, which was 2.15% at 31 December 2017.

Finance lease obligations

Finance lease obligations, which relate primarily to the 99-year lease (of which 88 years remain) on the InterContinental Boston hotel, are payable as follows:


	2017					2016
	Minimum lease payments $m			Present value of payments $m		Minimum lease payments $m			Present value of payments $m
Less than one year		16			16		17			17
Between one and five years		67			49		64			48
More than five years		3,234			166		3,252			162

		3,317			231		3,333			227

Less: amount representing finance charges		(3,086	)		—		(3,106	)		—

		231			231		227			227

The Group has the option to extend the term of the InterContinental Boston lease for two additional 20-year terms. Payments under the lease step up at regular intervals over the lease term. Interest is payable on the obligation at a fixed rate of 9.7%.

£400m 3.875% bonds 2022

The 3.875% fixed interest sterling bonds were issued on 28 November 2012 and are repayable in full on 28 November 2022. Interest is payable annually on 28 November. The bonds were initially priced at 98.787% of face value and are unsecured.

£300m 3.75% bonds 2025

The 3.75% fixed interest sterling bonds were issued on 14 August 2015 and are repayable in full on 14 August 2025. Interest is payable annually on 14 August. The bonds were initially priced at 99.014% of face value and are unsecured.

£350m 2.125% bonds 2026

The 2.125% fixed interest sterling bonds were issued on 24 August 2016 and are repayable in full on 24 August 2026. Interest is payable annually on 24 August. The bonds were initially priced at 99.45% of face value and are unsecured.

Bank overdrafts

Bank overdrafts are matched by equivalent amounts of cash and cash equivalents under the Group’s cash pooling arrangements (see note 17).

Facilities provided by banks


	2017						2016
	Utilised $m		Unutilised $m		Total $m		Utilised $m		Unutilised $m		Total $m
Committed		264		1,086		1,350		110		1,240		1,350
Uncommitted		1		69		70		—		70		70

		265		1,155		1,420		110		1,310		1,420


	2017 $m		2016 $m
Unutilised facilities expire:
Within one year		69		70
After two but before five years		1,086		1,240

		1,155		1,310

Utilised facilities are calculated based on actual drawings and may not agree to the carrying value of loans held at amortised cost.