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      "text": "Leverage Reduced to 2.9x\nAdjusted net debt / adjusted EBITDA**\n3.26 FY20, 2.99 FY21, 2.89 FY22",
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      "text": "£1.8bn Hybrid Bond**\n£3.0bn Bi-laterals\n£5.7bn Existing RCF: 1 & 5 year term; No financial covenants",
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      "text": "* See Appendices A1 & A8. ** FY21 hybrid issuance at Current FX. *** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1. ^ On a net debt basis.",
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