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15. Borrowings

2008
£m		 2007
£m
Bank overdraft payable on demand – 82.5
Bonds 377.7 378.2
377.7 460.7
Repayments fall due as follows:
Within 1 year:
    Bonds 100.3 –
    Bank overdraft payable on demand – 82.5
100.3 82.5
After more than 1 year:
    In more than 1 year but not more than 2 years – 100.2
    In more than 2 years but not more than 5 years 112.7 24.7
    In more than 5 years 164.7 253.3
277.4 378.2
Total borrowings and finance leases 377.7 460.7

The Company has issued guaranteed unsecured bonds as follows:

Bond Interest rate
%		 Denomination Value
£m		 Maturity
Issued 2002
Series B 6.44 GBP* 55.0 20 June 2009
Issued 2005
Series A 0.525 above 6m LIBOR GBP 50.0 28 September 2013
Series B 0.525 above 6m LIBOR GBP 25.0 28 September 2015
Total of sterling denominated bonds 130.0

US$m
Issued 2002
Series A 6.10 US$** 66.0 20 June 2009
Series C 6.47 US$** 36.0 20 June 2012
Issued 2006
Series A 5.74 US$** 60.0 28 June 2013
Series B 5.88 US$** 130.0 28 June 2016
Series A 5.66 US$** 11.0 13 September 2013
Series B 5.81 US$** 74.0 13 September 2016
Series C 5.77 US$** 60.0 13 September 2016
Total of US$ denominated bonds 437.0

All series are unsecured.

*The Company has entered into an interest rate swap to convert the interest cost based on 6 month LIBOR.

**The Company has entered into currency swaps for the US$ issues to achieve a floating rate of interest based on 6 month LIBOR. Further disclosure on the Company’s use of hedges is included in note 24.