RWS AR 23 Final Single pages - Flipbook - Page 163
8. DEBTORS
Amounts owed by Group undertakings
2023
£m
2022
£m
308.7
232.0
Other debtors
0.3
-
Prepayments
0.5
0.3
309.5
232.3
Amounts due within one year
Included within amounts owed by Group undertakings is an amount of $16.1m (£13.2m) (2022: $16.1m (£14.4m)) that
is due after more than one year. The debtor incurs interest at a rate equivalent to the Parent Company’s external debt
facility and is repayable on 8 August 2029. There is a loan with a subsidiary with a balance of £233.4m which is interest
bearing but unsecured and repayable on demand. The interest on this loan is also at a rate equivalent to the Parent
Company’s external debt facility. All other amounts owed by Group undertakings are unsecured, interest free and
repayable on demand. An Expected Credit Loss (ECL) is recognised against amounts owed, only when it is considered to
be material and there is evidence that the credit worthiness of a counterparty may render the balances irrecoverable.
Management have considered the balances owed by Group undertakings and concluded any ECL to be immaterial.
9. LOANS
Loans due in more than one year
2023
£m
2022
£m
52.6
29.3
On 3 August 2022, the Group entered into an Amendment and Restatement Agreement (“ARA”) with its banking
syndicate which amended its existing US$120m RCF maturing on 10 February 2024, to a US$220m RCF Facility maturing
on 3 August 2026 with an option to extend maturity to 3 August 2027.
Under the terms of the ARA, the Group’s interest margin over the Secured Overnight Financing Rate (“SOFR”) reference
interest rate ranges from 95bps to 195bps and is dependent on the Group’s net leverage. Commitment fees are payable
on all committed, undrawn funds at 35% of the applicable interest margin. The ARA also contains a US$100 million
uncommitted accordion facility.
All transaction costs incurred in amending and re-stating the RCF have been capitalised and are being amortised over
the extended maturity period of the facility on a straight-line basis. Currently all Group borrowings under the RCF are
denominated in either US Dollars or Sterling.
10. TRADE AND OTHER PAYABLES
2023
£m
2022
£m
Amounts owed to Group undertakings
5.4
-
Other taxes and social security costs
0.1
0.1
Other payables
0.1
1.0
Accruals
1.5
2.7
-
1.5
Total Other creditors
Deferred consideration
7.1
5.3
Trade creditors
0.1
0.6
Amounts due within one year
7.2
5.9
Amounts owed to Group undertakings are unsecured, interest free, have no 昀椀xed date of repayment and are repayable
on demand.
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS RWS Holdings plc — Annual Report 2023
163
