2002		2001
		£m		£m
Loan notes falling due between one and two years		10.6		10.3
Loan notes falling due between two and five years		21.1		30.8
Bank loans falling due between two and five years		176.8		­
Obligations under finance leases falling due between one and two years		3.7		3.4
Obligations under finance leases falling due between two and five years		3.1		7.0
Other creditors		9.3		6.7
		224.6		58.2

In August 2001 the Group entered into an unsecured $410 million multi-currency revolving credit facility with a syndicate of banks for a period of five years at a variable interest rate at a maximum margin of 0.85% above LIBOR. From commencement, the applicable margin has been 0.65% above LIBOR. At 2 February 2002 the amount outstanding under this facility was $nil.

Commitment fees are paid on the undrawn portion of this credit facility at a rate of 50.0% of the applicable margin. The principal financial covenants on this facility are as follows:

• The ratio of Consolidated Net Debt to Consolidated EBITDA shall not exceed 3:1;
• Consolidated Net Worth (total net assets) must not fall below £400 million; and
• The ratio of Consolidated EBITARR (Earnings Before Interest, Tax, Amortisation, Rents, Rates and Operating Lease Expenditure) to Consolidated Net Interest Expenditure plus Rents, Rates and Operating Lease Expenditure shall be equal to or greater than 1.4:1.

This $410 million facility was used to repay in full the outstanding borrowings under two facilities which the Group had entered into in July 1998 ($250 million) and May 2000 ($100 million). The two facilities were cancelled in August 2001. At 27 January 2001 the amount outstanding under these facilities was $115 million.

In July 1998 the Group entered into a $60 million seven year unsecured note issue with a fixed interest rate of 7.25%. This note issue is repayable in four equal annual instalments of $15 million, commencing in July 2002.

The principal financial covenants on this note issue are as follows:

• Gearing (net debt, excluding the US receivables funding, expressed as a percentage of total net assets) must not exceed 60.0%;
• Consolidated net worth (total net assets) must not fall below £300 million; and
• Interest cover must not fall below three times.

In the US, in November 2001, the Company refinanced its private label credit card receivables programme through a privately placed receivables securitisation. Under this securitisation, interests in the US receivables portfolio held by a trust were sold principally to institutional investors in the form of fixed-rate Class A, Class B and Class C investor certificates. The aggregate outstanding principal amount of the certificates amounted to $251 million at 2 February 2002 and were used to repay other borrowings. The certificates have a weighted average interest rate of 5.42% and interest is paid monthly in arrears from the finance charges collections generated by the receivables portfolio. The revolving period of the securitisation ends in December 2005, with a final expected principal payment date in November 2006. This securitisation replaced a previous securitisation facility of $191.5 million, which commenced repayment in December 2000 and was fully repaid in September 2001. The aggregate outstanding principal amount of the certificates of this previous securitisation approximated $153.8 million at 27 January 2001 (£105.3 million) and had a weighted average interest rate of 7.28%.

Also in the US, in January 2002, the Group entered into a $70 million Conduit securitisation facility ("Conduit"). Under this securitisation, interests in the US receivables portfolio held by a trust are sold to Sheffield Receivables Corporation (a US subsidiary of Barclays Capital Inc.) in the form of an unsecured revolving variable rate certificate. The Conduit bears a margin of 0.375% above the cost of funds paid by Sheffield Receivables Corporation. Commitment fees are paid on the undrawn portion of this credit facility at a rate of 0.20%. At 2 February 2002 the amount outstanding under the Conduit was $nil.

Undrawn committed borrowing facilities

		2002		2001
		£m		£m
Expiring within one year		49.3		17.1
Expiring between one and two years		-		34.2
Expiring between two and five years		288.7		109.7
		338.0		161.0

In October 1999 the Group completed a sale and leaseback agreement in the US. This agreement has been treated as a finance lease in accordance with SSAP 21. The nominal interest rate is 8.44% per annum.

At 2 February 2002 the interest payable on 75.0% of forecast floating rate US dollar borrowings was fixed or effectively fixed by interest rate caps (see note 26).