20. Bank Loans
2017 €’000 | 2016 €’000 | |
Bank Loans | 59,788 | 34,987 |
59,788 | 34,987 | |
These loans are repayable in the following periods after the year end: | ||
Within one year | - | 34,987 |
Between one and two years | - | - |
Between two and five years | 34,788 | - |
In more than five years | 25,000 | - |
59,788 | 34,987 |
Bank Loans are shown net of capitalised debt issue costs of €212k (2016: €13k) which are being amortised over the term of the debt.
The Company has put in place an agreement with Ulster Bank DAC, amounting to a €50m revolving credit facility. This facility is for an initial five year term with an option to extend for two one year periods, subject to bank approval. The facility is due for repayment in full in March 2022 subject to exercise of the extension option. €35m of the facility was drawn down at the year end.
The rate of interest on the loan is variable based on EURIBOR and the applicable margin. There is no tangible security held by Ulster Bank on this facility.
In December 2015 the Company entered into a Finance Contract with the European Investment Bank in respect of a €100m project finance facility. This facility is for a 20 year term of which €25m was drawn down at year end.
