Loans and other borrowings

12 Months Ended

Dec. 31, 2019

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Loans and other borrowings

22. Loans and other borrowings

	2019						2018 Restated
	Current $m		Non-current $m		Total $m		Current $m		Non-current $m		Total $m
Unsecured bank loans		—		125		125		—		—		—
£400m 3.875% bonds 2022		—		528		528		—		509		509
£300m 3.75% bonds 2025		—		399		399		—		385		385
£350m 2.125% bonds 2026		—		462		462		—		447		447
€500m 2.125% bonds 2027		—		564		564		—		569		569
		—		2,078		2,078		—		1,910		1,910
Bank overdrafts		87		—		87		104		—		104
Total loans and other borrowings		87		2,078		2,165		104		1,910		2,014
Denominated in the following currencies:
Sterling		2		1,389		1,391		—		1,341		1,341
US dollars		82		125		207		94		—		94
Euros		1		564		565		8		569		577
Other		2		—		2		2		—		2
		87		2,078		2,165		104		1,910		2,014

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 (see note 24).

A variable rate of interest is payable on amounts drawn under both facilities, which was 2.42% at 31 December 2019.

£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.

€500m 2.125% bonds 2027

The 2.125% fixed interest euro bonds were issued on 15 November 2018 and are repayable in full on 15 May 2027. Interest is payable annually on 15 May. The bonds were initially priced at 99.53% of face value and are unsecured. Currency swaps were transacted at the same time the bonds were issued in order to swap the proceeds and interest flows into sterling (see note 24).

Bank overdrafts

Bank overdrafts are matched by equivalent amounts of cash and cash equivalents under the Group’s cash pooling arrangements (see note 19).

Facilities provided by banks

	2019						2018
	Utilised $m		Unutilised $m		Total $m		Utilised $m		Unutilised $m		Total $m
Committed		125		1,225		1,350		—		1,350		1,350
Uncommitted		—		54		54		—		53		53
		125		1,279		1,404		—		1,403		1,403

	2019 $m		2018 $m
Unutilised facilities expire:
Within one year		54		53
After two but before five years		1,350		1,350
		1,404		1,403

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