15. Interest-Bearing Loans and Borrowings

Group

RTÉ

Interest rate

Maturity

2020

2019

2020

2019

%

€’000

€’000

€’000

€’000

Revolving credit facility

Lender cost of funds plus margin

5 December 2024

-

-

-

-

Amortising term loan facility

Lender cost of funds plus margin

5 December 2024

10,000

5,000

10,000

5,000

Project loan and term loan facility

EURIBOR plus margin

31 January 2026

55,000

55,000

-

-

65,000

60,000

10,000

5,000

Analysed as follows:

Non-Current

65,000

60,000

10,000

5,000

Current

-

-

-

-

65,000

60,000

10,000

5,000

On 6 December 2019, RTÉ entered into a new facility agreement with Bank of Ireland (BOI) amounting to €20 million for working capital purposes. The agreement includes a €10 million revolving credit facility which was undrawn as at 31 December 2020 and a term loan facility of €10 million, which was fully drawn as at 31 December 2020.

On 1 February 2019, the Group entered into a project loan facility agreement, through its subsidiary 2rn, with Barclays Bank Ireland PLC and Bank of Ireland amounting to €60 million in aggregate, of which €55 million was drawn at 31 December 2020.

Lender security – project loan facility

It was one of the conditions to the availability of the project loan facility that 2rn execute a security deed agreement and provide the lender security as follows:

a) Lands of 13 main DTT transmission sites;

b) All 2rn present and future fixtures and fittings on the DTT transmission sites;

c) All 2rn rental income and occupational leases;

d) Rights and benefits of 2rn insurance policies;

e) The insurance proceeds account; and

f) Deeds of Assignment creating security assignments in respect of certain commercial contracts and DTT Construction Contracts.