| 2017
£m | 2016
£m |
| Borrowings at amortised cost: | | |
| Bank overdrafts | 1.4 | 5.8 |
| Loans | – | 5.0 |
| 1.4 | 10.8 |
| The borrowings are repayable as follows: | | |
| On demand or within one year | 1.4 | 5.8 |
| In the third to fifth years | – | 5.0 |
| 1.4 | 10.8 |
| Less: Amount due for settlement within 12 months (shown under current liabilities) | (1.4) | (5.8) |
| Amount due for settlement after 12 months | – | 5.0 |
Analysis of borrowings by currency:
| Sterling
£m | Euro
£m | US Dollar
£m | Other
currencies
£m | Total
£m |
| At 31 December 2017 | | | | | |
| Bank Overdrafts | – | 0.6 | 0.6 | 0.2 | 1.4 |
| – | 0.6 | 0.6 | 0.2 | 1.4 |
| | | | | |
| At 31 December 2016 | | | | | |
| Bank overdrafts | – | 3.4 | 1.0 | 1.4 | 5.8 |
| Loans | 5.0 | – | – | – | 5.0 |
| 5.0 | 3.4 | 1.0 | 1.4 | 10.8 |
The weighted average interest rates paid were as follows:
| 2017
% | 2016
% |
| Bank overdrafts and loans | 1.9 | 1.7 |
The directors estimate the fair value of the Group's borrowings as follows:
| 2017
£m | 2016
£m |
| Bank overdrafts | 1.4 | 5.8 |
| Loans | – | 5.0 |
The other principal features of the Group's borrowings are as follows:
- Bank overdrafts are repayable on demand. No overdrafts are secured.
- At 31 December 2017 the Group's principal borrowing facility had drawings of £nil (2016: £5.0m) under a Revolving Credit Facility of £230m. This unsecured facility commenced on 3 April 2017 and matures on 3 April 2022. The multi-currency drawings under this facility carry an interest rate of between 0.90% and 1.75% above LIBOR (the applicable margin at 31 December 2017 was 0.90%).
At 31 December 2017 the Group had available £230.0m (2016: £225.0m) of undrawn committed borrowing facilities.
All borrowings are classified as financial liabilities measured at amortised cost.