Transport for LondonFinancing
Skip to navigationDuring the year, TfL raised further funds tosupport its Investment Programme from a varietyof sources.
Set out below is a table summarising movements in long-term borrowing in the year. In addition to the sources of financing in the table below, other sources of financing include the PPP and PFIs (see also Note 19 to the accounts).
| Movement in long-term borrowing | £m | net issue costs |
|---|---|---|
| Opening borrowing at 1 April 2005 | 195.6 | |
| European Investment Bank facility | 18.1 | The total facility is for £450m, to be drawn down over five years. The loan has an interest rate of 4.293 per cent fixed for the full loan amount with repayment on an amortising basis. Final repayment in 2031 |
| Second bond issue | 197.8 | 4.5 per cent coupon with final repayment in 2032 |
| Public Works Loans Board | 334.4 | Five separate loans with interest rates of 4.20-4.25 per cent and final maturity in 2038 |
| Closing borrowing at 31 March 2006 | 745.9 |
Cash and short-term investments
Total cash and short-term investments (364 days or less) at 31 March 2006 amounted to £1,687m. The average yield from TfL's cash investments for 2005/06 was 4.68 per cent.
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