Bond Investors – Investors – InterContinental Hotels Group PLC

An overview of IHG’s credit facilities is provided on this page, with more information available in our Annual Report, the Earnings and Presentations section of this website, and in Debt-Related Regulatory News. The documents relating to the Group’s Euro Medium Term Note Program can be downloaded below:

The information below was correct as of December 31, 2021.

Current obligations

Amount issued

Amount outstanding

Maturity

Interest rate

£400 million

£173m

November 22

3.875%

£300 million

£300 million

August 25

3.75%

£350 million

£350 million

August 26

2.125%

500 million euros

500 million euros

May 27

2.125%*

500 million euros

500 million euros

October 24

1.625%**

£400 million

£400 million

October 28

3.375%

* Traded at £436m at 3.5%

** Traded at £454m at 2.65%

In total and based on exchange rates as of June 30, 2021, we therefore have approximately $2,800 million of bonds outstanding, with a blended borrowing cost of 3.13% and a weighted average remaining term of 4 ,35 years.

Committed bank facilities

Rising

Maturity

Interest rate

$1,275 million

September 2023

Floating rate LIBOR + margin (margin 0.9% – 2.75%)

$75 million

September 2023

Floating rate LIBOR + margin (margin 0.9% – 2.75%)

The bank facilities are subject to customary interest coverage and leverage ratio covenants, tested semi-annually and on a full-year basis on a rolling twelve-month basis.

The interest coverage clause requires an EBITDA to net interest payable ratio greater than 3.5:1 and the leverage ratio requires a Net Debt:EBITDA ratio less than 3.5:1; both ratios are measured on a pre-IFRS 16 “frozen GAAP” basis.

As announced in December 2020, the tests of these covenants have been relaxed for the test dates of June 30, 2022 and December 31, 2022. The interest coverage and leverage ratio covenants have been replaced by a minimum liquidity covenant ( defined as unrestricted cash and undrawn facilities with a residual maturity of 6 months) which will be tested on each test date until December 31, 2022 inclusive.

Carol M. Barragan