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Financial statements
OCU Group | Annual report and financial statements 2025
Strategic report
Governance
for the year ended 30 April 2025 Notes to the consolidated financial statements
19. Borrowings continued The term loan of £650.3m is presented net of £17.2m unamortised fees (2024: term loan of £200.0m net of £13.0m unamortised fees). On 7 November 2024, the Group successfully completed a refinancing process, replacing its previous borrowing facilities. At 30 April 2025, the Group had the following borrowing facilities under the senior facilities agreement: i) Sterling term loans of £200m which carry interest at 5.5% above SONIA and euro term loans of €530m which carry interest at 4.25% above EURIBOR (adjusted quarterly for any changes in the Group’s leverage covenant). Cross-currency swaps convert the €530m term loans into sterling and £320m of the total term loans have been swapped to fixed rate, as detailed in note 21. On 7 July 2025, the sterling term loan increased to £217.8m and the interest rates on the term loans have each reduced by 50 basis points. ii) Delayed draw term loan of £75m which is undrawn at 30 April 2025. The facility carries interest at 5.5% above SONIA on the utilised portion, with a rate of 1.0% on amounts undrawn. On 7 July 2025, the interest rate on the delayed draw term loan reduced by 50 basis points and the facility increased by £6.7m. iii) Revolving credit facility of £150m which is undrawn at 30 April 2025. The facility carries interest at 3.5% above SONIA on the utilised portion, with a rate of 1.23% on amounts undrawn.
There is a fixed and floating charge on the term loans dated 7 November 2024 over the property and undertakings of the Group by Lloyds Bank plc.
Analysis of changes in net funds
Currency exchange movements £000
At 1 May 2024 £000
At 30 April 2025 £000
Cash flow £000
Non-cash £000
Net cash Cash at bank and in hand
28,841
48,392
—
—
77,233
28,841
48,392
—
—
77,233
Debt Borrowings
(358,455)
(203,920)
(66,708)
(8,355)
(637,438)
Hire purchase contracts and finance leases
(11,243)
6,080
(13,683)
—
(18,846)
(369,698) (340,857)
(197,840) (149,448)
(80,391) (80,391)
(8,355) (8,355)
(656,284)
Total
(579,051)
20. Leasing agreements Minimum lease payments fall due under hire purchase contracts as follows:
2025 £000
2024 £000
Net obligations repayable: Within one year
5,252
4,642
13,594 18,846
Between one and five years
6,601
11,243
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