The Group is supported by our debt providers BNP Paribas Fortis, Goldman Sachs, HSBC, Morgan Stanley, GSO and Lloyds, with our long term debt not repayable until 2024/2025.
Our debt carries one single financial covenant – the ratio of senior secured net debt (excluding preference shares and local facilities) and proforma EBITDA. This ratio must not exceed 7.45x. We remain significantly below this limit and in 2018 demonstrated a further reduction in gearing.
The Group held €101 million of cash at year end.
In addition to the fixed term loans, the Group has a €135 million committed revolving credit facility under which only €2 million was drawn at December 2018, leaving an available amount of €133 million.
Cash and undrawn facilities therefore totalled €234 million as at 31 December 2018.
On the strength of our recent financial performance, in November 2018 the Group successfully completed a refinancing resulting in additional fixed term loans of €90 million and a reduction in the interest rate over the existing fixed term debt.
This additional debt is being used in 2019 to assist us in acquiring businesses as part of our ongoing growth strategy.