During the current year, the Company refinanced its credit arrangements, replacing the existing facility with a new five-year facility totalling £325.0 million, thereby increasing OCI’s flexibility and liquidity.
As at 31 December 2025, the Company had drawn £226.4 million net of directly attributable transaction costs, including accrued interest of £1.9m of the £325.0 million facility. The Company has the option to increase the facility by a further £75.0 million subject to agreement by all parties. The facility has a term of 60 months from the first utilisation date and is due to be renewed in April 2030.
The movement in borrowings during the year is reconciled below.
Balance at 31 December 2024 £’000 | Drawdowns £’000 | Repayments £’000 | Interest expense* £’000 | Deduction of transaction costs £’000 | Foreign exchange movements £’000 | Total £’000 | |
|---|---|---|---|---|---|---|---|
Borrowings | (104,190) | (224,363) | 107,212 | – | 4,399 | (7,572) | (224,514) |
Borrowings accrued interest | (1,448) | – | 8,499 | (8,838) | – | (104) | (1,891) |
| (105,638) | (224,363) | 115,711 | (8,838) | 4,399 | (7,676) | (226,405) |
*This expense does not reconcile to the statement of comprehensive income, as it excludes the amortisation of loan arrangement fees.