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Regional REIT
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== Protected against increasing interest rates == RGL’s debt portfolio is diversified across a range of lenders and comprises c £384m of secured bank debt and £50m in retail eligible bonds. The first debt maturity is not until August 2024 (the retail eligible bonds) and the debt portfolio’s weighted average maturity is a little more than five years. The bonds are fixed rate and unsecured and all bank debt is fixed rate or hedged with swaps and caps to a similar maturity as the underlying debt. In fact, at end-FY21, the bank debt was slightly more than fully hedged at 101.3%. {| class="wikitable" |+Exhibit 5: Fully hedged bank borrowing<ref>Source: Regional REIT, FY21 Annual Report.</ref> !£m !31-Dec-21 |- |Total bank borrowings |389.9 |- |Notional value of interest caps and swaps |193.9 |- |Notional value of fixed rate bank borrowing |201.0 |- |Total notional value of fixed/hedged debt |394.9 |- |Hedge ratio |101.3% |} Interest rate risk is virtually eliminated<ref>There is a small interest rate exposure on the c £66m notional value of caps which we estimate represents a maximum uplift to total borrowing costs of c 4bp.</ref> with a weighted average effective interest rate, including hedging costs, of 3.4% at end-Q122. Net loan to value ratio (LTV) was 40.3%<ref>Net borrowings as a percentage of the FY21 externally assessed property value adjusted for subsequent property transactions and capex.</ref> at end-Q122, a reduction from 42.4% at end-FY21, primarily benefiting from disposals in the period. Gross borrowings were £434.1m and cash and equivalent balances were £82.3m.
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