Note 20 – Borrowings

The following table analyses the Group’s total borrowings after taking account of currency and interest rate swaps:

    Group   Company
 
 		   2005
£m		 2004
£m		   2005
£m		 2004
£m
Amounts falling due within one year:            
Bank loans and overdrafts   420 314   89 33
Commercial paper   1,469 557   158 355
Other bonds   1,348 832   534 –
Other loans   19 3   – –
    3,256 1,706   781 388
Amounts falling due after more than one year:            
Bank loans   910 823   – –
Other bonds   10,043 10,587   1,020 746
Other loans   10 132   – –
    10,963 11,542   1,020 746
Total borrowings   14,219 13,248   1,801 1,134
    Group   Company
 
 		   2005
£m		  
2004
£m 		   2005
£m		 2004
£m
Total borrowings are repayable as follows:            
In one year or less   3,256 1,706   781 388
In more than one year, but not more than two years   2,004 877   – 52
In more than two years, but not more than three years   467 2,043   – –
In more than three years, but not more than four years   1,213 458   298 –
In more than four years, but not more than five years   1,293 1,575   – 308
In more than five years            
– by instalments   35 35   – –
– other than by instalments   5,951 6,554   722 386
    14,219 13,248   1,801 1,134

Charges over property, plant and other assets of the Group were provided as collateral over borrowings totalling £729m at 31 March 2005 (2004: £925m).

The notional amount outstanding of the Group’s debt portfolio at 31 March 2005 was £14,564m (2004: £14,164m).

The principal items included within Other bonds are listed below. Unless otherwise indicated, these instruments were outstanding at both 31 March 2005 and 31 March 2004.

Issuer Description of instrument (notional amount)
British Transco Finance (No5) Limited GBP 115 million Floating Rate Instruments due 2006
British Transco Finance Inc. USD 300 million 6.625% Fixed Rate Instruments due 2018
British Transco International Finance BV (i) USD 300 million 6.0% Fixed Rate Instruments due 2004
British Transco International Finance BV (i) USD 350 million 6.625% Fixed Rate Instruments due 2004
British Transco International Finance BV (i) ITL 250,000 million 5.25% Fixed Rate Instruments due 2005
British Transco International Finance BV USD 350 million 7.0% Fixed Rate Instruments due 2006
British Transco International Finance BV FRF 2,000 million 5.125% Fixed Rate Instruments due 2009
British Transco International Finance BV USD 1,500 million Zero Coupon Bond due 2021
National Grid Company plc GBP 240 million 8.0% Fixed Rate Instruments due 2006
National Grid Company plc EUR 600 million 4.125% Fixed Rate Instruments due 2008
National Grid Company plc GBP 250 million 4.75% Fixed Rate Instruments due 2010
National Grid Company plc GBP 300 million 2.983% Guaranteed Retail Price Index-Linked
 Instruments due 2018
National Grid Company plc GBP 220 million 3.806% Retail Price Index-Linked Instruments
 due 2020
National Grid Company plc GBP 450 million 5.875% Fixed Rate Instruments due 2024
National Grid Company plc GBP 360 million 6.5% Fixed Rate Instruments due 2028
National Grid Company plc GBP 70 million 3.589% Limited Retail Price Index-Linked Instruments
  due 2030
National Grid Company plc GBP 50 million 2.817% Guaranteed Limited Retail Price Index-Linked
 Instruments due 2032
National Grid Company plc (ii) GBP 75 million 5.0% Fixed Rate Instruments due 2035
National Grid Transco plc (ii) EUR 200 million Floating Rate Instruments due 2005
National Grid Transco plc (ii) EUR 500 million Floating Rate Instruments due 2006
National Grid Transco plc EUR 500 million 3.75% Fixed Rate Instruments due 2008
National Grid Transco plc EUR 600 million 5.0% Fixed Rate Instruments due 2018
National Grid Transco plc (ii) EUR 500 million 4.375% Fixed Rate Instruments due 2020
New England Power Company USD 135.85 million Tax-Exempt Pollution Control Revenue Bonds,
 Variable Rate due 2020
New England Power Company USD 106.15 million Tax-Exempt Pollution Control Revenue Bonds,
 Variable Rate due 2022
NGG Finance plc EUR 1,250 million 5.25% Fixed Rate Instruments due 2006
NGG Finance plc EUR 750 million 6.125% Fixed Rate Instruments due 2011
Niagara Mohawk Power Corporation (i) USD 300 million 8.0% Taxable First Mortgage Bonds due 2004
Niagara Mohawk Power Corporation (i) USD 300 million 5.375% Senior Notes due 2004
Niagara Mohawk Power Corporation USD 110 million 6.625% Taxable First Mortgage Bonds due 2005
Niagara Mohawk Power Corporation USD 400 million 7.625% Senior Notes due 2005
Niagara Mohawk Power Corporation USD 150 million 9.75% Taxable First Mortgage Bonds due 2005
Niagara Mohawk Power Corporation USD 275 million 7.75% Taxable First Mortgage Bonds due 2006
Niagara Mohawk Power Corporation USD 200 million 8.875% Senior Notes due 2007
Niagara Mohawk Power Corporation USD 600 million 7.75% Senior Notes due 2008
Niagara Mohawk Power Corporation USD 115.71 million 7.2% Tax-Exempt First Mortgage Bonds due 2029*
Transco Holdings plc GBP 503.078 million Floating Rate Instruments due 2009
Transco Holdings plc GBP 503.078 million 4.1875% Index-Linked Instruments due 2022
Transco Holdings plc GBP 503.078 million 7.0% Fixed Rate Instruments due 2024
Transco plc EUR 650 million 5.25% Fixed Rate Instruments due 2006
Transco plc GBP 250 million 6.125% Fixed Rate Instruments due 2006
Transco plc (iii) GBP 300 million 5.625% Fixed Rate Instruments due 2007
Transco plc GBP 250 million 8.875% Fixed Rate Instruments due 2008
Transco plc AUD 500 million 7.0% Fixed Rate Instruments due 2008
Transco plc GBP 300 million 5.375% Fixed Rate Instruments due 2009
Transco plc GBP 300 million 6.0% Fixed Rate Instruments due 2017
Transco plc GBP 275 million 8.75% Fixed Rate Instruments due 2025
Transco plc GBP 50 million 6.2% Fixed Rate Instruments due 2028
(i) Matured during the year ended 31 March 2005
(ii) Issued during the year ended 31 March 2005
(iii) Issue tapped during the year ended 31 March 2005
* Refinanced and initially issued in auction rate mode during year ended 31 March 2005

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