Core debt facilities

As at 31 March 2016, the Group had the following core debt facilities outstanding:

Bank facility

The Group’s core bank facility is a syndicated unsecured committed revolving credit facility of £425 million. This facility matures in March 2018 and is available for general corporate purposes, including the financing of acquisitions. It includes a $200 million swingline (of which $75 million is available later in the day) for the financing of the Group's general corporate and working capital needs, including satisfying margin calls.

The facility agreement contains the following financial covenants:

  1. the aggregate consolidated EBITDA of the facility’s obligors must equal or be greater than 85% of the Group’s consolidated EBITDA at the end of each measurement period;
  2. the ratio of consolidated gross debt to consolidated EBITDA for the Group must not exceed 3.0 at the end of each measurement period; and
  3. the ratio of consolidated EBITDA to consolidated financial charges for the Group must exceed 5.0 at all times.

A measurement period is defined as a period of twelve months ending on the last day of the financial half year and full financial year, and the covenants are tested on the end date of a measurement period. The only obligor under the facility is ICAP Group Holdings plc.

Bonds

Programme Issuer Issue Date Amount Maturity Cusip / ISIN No
GMTN ICAP Group Holdings plc [1] Mar 2014 €350m Mar 2019 XS1041793123
GMTN ICAP plc Jul 2012 £125m Jul 2018 XS0805454872
GMTN ICAP plc May 2013 €15m May 2023 XS0935766674

[1] Formerly ICAP Group Holdings Limited