Debt investors

An overview of IHG’s debt facilities is provided on this page, with more information available in our Annual Report, the Results and Presentations section of this website and from debt-related Regulatory News. The documents relating to the Group’s Euro Medium Term Note Programme can be downloaded below:

• Base Prospectus dated 21 September 2023
• The agency agreement
• The trust deed
• InterContinental Hotels Group PLC - articles of association
• InterContinental Hotels Limited - articles of association
• Six Continents Limited - articles of association
• IHG Finance LLC - operating agreement
• £400m 3.375% October 2028 – Final Terms
• €500m 1.625% October 2024 – Final Terms
• €600m 4.375% November 2029 – Final Terms

The information below was correct at 31 December 2023:

Current Bonds

* Swapped to GBP 436m at 3.5%

** Swapped to GBP 454m at 2.65%

*** Swapped to USD 657m at 5.97%

 

Committed Bank Facilities

There are two financial covenants: interest cover and leverage ratio. Covenants are tested at half year and full year on a trailing 12-month basis. The interest cover covenant requires a ratio of Covenant EBITDA to Covenant interest payable above 3.5:1 and the leverage ratio requires Covenant net debt to Covenant EBITDA below 4.0:1. 

InterContinental Hotels Group PLC Credit Rating – correct at 31 December 2023