| Less than one year
£m | Between one year and two years
£m | Between two years and five years
£m | Total
£m |
|---|
| As at 29 November 2015 | | | | |
| Secured loans | 1.6 | 1.5 | 6.2 | 9.3 |
| Total borrowings | 1.6 | 1.5 | 6.2 | 9.3 |
| As at 27 November 2016 | | | | |
| Unsecured loans | 51.3 | — | — | 51.3 |
| Secured loans | 1.6 | 6.1 | — | 7.7 |
| Total borrowings | 52.9 | 6.1 | — | 59.0 |
The loans outstanding at period end can be analysed as follows:
Principal amount
£m | Inception | Secured over | Current interest rate | Instalment frequency | Final payment due | Carrying amount as at
27 November
2016 | Carrying amount as at
29 November
2015 |
|---|
| 210.0 | Jul—14 | Unsecured | LIBOR + 1.5% | Monthly | Jul—192 | 51.3 | — |
| 2.5 | Jul—14 | Property, plant and
equipment | 9.12%1 | Monthly | Jul—17 | 0.5 | 1.1 |
| 8.2 | Sep—15 | Freehold
Property | LIBOR + 1.5% | Quarterly | Sep—18 | 7.2 | 8.2 |
| | | | | | 59.0 | 9.3 |
| Disclosed as: | | | | | | | |
| Current | | | | | | 52.9 | 1.6 |
| Non-current | | | | | | 6.1 | 7.7 |
| | | | | | 59.0 | 9.3 |
- Calculated as the effective interest rate, the calculation of which includes an optional balloon payment at the end of the term.
- Date of expiry of facility.
In the previous year, the unsecured three-year £100 million revolving facility was extended by a further two years and the amount of the facility was increased to £210 million. As at 27 November 2016, £52.5 million of the facility had been utilised, net of transaction fees. The Group regularly reviews its financing arrangements. The facility contains typical restrictions concerning dividend payments and additional debt and leases.
Obligations under finance leases
| 27 November
2016
£m | 29 November
2015
£m |
|---|
| Obligations under finance leases due: | | |
| Within one year | 29.8 | 26.5 |
| Between one and two years | 25.8 | 23.8 |
| Between two and five years | 66.4 | 62.1 |
| After five years | 34.8 | 51.1 |
| Total obligations under finance leases | 156.8 | 163.5 |
External obligations under finance leases are £48.1 million (2015: £44.0 million) excluding £108.7 million (2015: £119.5 million) payable to MHE JVCo, a joint venture company.
| 27 November
2016
£m | 29 November
2015
£m |
|---|
| Minimum lease payments due: | | |
| Within one year | 38.4 | 34.8 |
| Between one and two years | 31.7 | 30.3 |
| Between two and five years | 76.9 | 75.0 |
| After five years | 36.8 | 55.3 |
| 183.8 | 195.4 |
| Less: future finance charges | (27.0) | (31.9) |
| Present value of finance lease liabilities | 156.8 | 163.5 |
| Disclosed as: | | |
| Current | 29.8 | 26.5 |
| Non-current | 127.0 | 137.0 |
| 156.8 | 163.5 |