2009 2010 Figures in million 2010 2009
SA Rands   US Dollars
   

26 Borrowings

    
    Unsecured    
    Debt carried at fair value    
– 5,739 Mandatory convertible bonds – issued September2010 (1) 874 –
    Quarterly coupons are paid at 6% per annum and the bonds are convertible into a variable number of shares ranging from 18,140,000 shares at a price equal to or less than $43.50 per share, to 14,511,937 shares at a price equal to or greater than $54.375 per share, each as calculated in accordance with the formula set forth in the bond agreement. The bonds are US dollar-based and are convertible into shares in September 2013.

The shareholders have authorised the convertible bonds to be settled in equity and not have any cash settlement potential except if a fundamental change or conversion rate adjustment causes the number of shares deliverable upon conversion to exceed the number of shares reserved for such purpose, among other circumstances provided for in the bond agreement.

    
    Debt carried at amortised cost    
– 6,537 Rated bonds – issued April 2010 (2) 995 –
    Semi-annual coupons are paid at 5.375% per annum on $700m 10-year bonds and at 6.5% on $300m 30-year bonds. The $700m bonds are repayable in April 2020 and the $300m bonds are repayable in April 2040. The bonds are US dollar-based.    
         
4,433 4,089 3.5% Convertible bonds – issued May 2009 (3) 623 596
    Semi-annual coupons are paid at 3.5% per annum. The bonds issued on 22 May 2009, are convertible into ADS’s up to May 2014 and are US dollar-based. The bonds are convertible, at the holders option, at an initial price of $47.6126 per ADS.

AngloGold Ashanti Limited may redeem the bonds by giving between 30 and 90 days notice to the bondholders at any time after 11 June 2012, if the price of the ADS’s exceeds 130% of the conversion price for more than 20 consecutive dealing days, five days prior to notice or at any time if conversion rights have been exercised or purchases effected on 85% of the bonds issued.

    
– 701 FirstRand Bank Limited loan facility (R1.5bn) (4) 107 –
    Interest charged at JIBAR plus 0.95% per annum. Loan is repayable in May 2011 and is SA rand-based, the loan is subject to debt covenant arrangements for which no default event occurred    
         
– 251 Syndicated loan facility ($1bn) (5) 38 –
    Interest charged at LIBOR plus 1.75% per annum. Loan is repayable in April 2014 and is US dollar-based, the loan is subject to debt covenant arrangements for which no default event occurred.    
         
58 29 Grupo Santander Brasil 5 8
    Interest charged at LIBOR plus 1.45% per annum. Loan is repayable in quarterly instalments terminating in September 2011 and is US dollar-based.    
         
48 28 Grupo Santander Brasil 4 6
    Interest charged at 6% per annum. Loans are repayable in monthly instalments terminating in November 2013 and April 2014 and are BRL-based.

Syndicated loan facility ($1,150m) – Drawn down in

    
7,616 – US dollars and Australian dollars (6) – 1,024
    Interest charged at LIBOR plus 0.4% per annum. Loan was repaid in June 2010 and was US dollar-based, the loan was subject to debt covenant arrangements for which no default event occurred.    
         
1,772 – Standard Chartered term facility (7) – 238
    Interest charged at a margin of 4.25% over the lenders’ cost of funds (subject to a cap of 1.25% plus LIBOR). Loan was repaid in May 2010 and was US dollar-based.    
         
– 4 Brazilian Economic and Social Development Bank – –
    Interest charged at a rate of 4.5% per annum. Loans are repayable by June 2020 and are BRL-based.    
13,927 17,378 Total unsecured borrowings 2,646 1,872
         
    Secured    
    Finance leases    
258 259 Turbine Square Two (Pty) Limited 39 35
    The leases are capitalised at an implied interest rate of 9.8% per annum. Lease payments are due in monthly instalments terminating in March 2022 and are SA rand-based. The buildings financed are used as security for these loans (note 36).    
         
115 86 Caterpillar Financial Services Corporation 13 16
    Interest charged at an average rate of 5.46% per annum. Loans are repayable in monthly instalments terminating in January 2015 and are US dollar-based. The equipment financed is used as security for these loans.    
         
48 29 Mazuma Capital Corporation 4 7
    Interest charged at an average rate of 5.6% per annum. Loans are repayable in monthly instalments terminating in November 2012 and are US dollar-based. The equipment financed is used as security for these loans.    
         
7 11 CSI Latina Arrendamento Mercantil S.A. 2 1
    Interest charged at a rate of 3.3% per annum. Loans are repayable by June 2013 and are BRL-based. The equipment financed is used as security for these loans.    
14,355 17,763 Total borrowings (notes 35 and 36) 2,704 1,931
(9,493) (886) Current portion of borrowings included in current liabilities (135) (1,277)
4,862 16,877 Total long-term borrowings 2,569 654
    Amounts falling due    
9,493 886 Within one year 135 1,277
79 50 Between one and two years 8 11
4,543 10,134 Between two and five years 1,542 611
240 6,693 After five years 1,019 32
14,355 17,763 (notes 35 and 36) 2,704 1,931
    Currency    
    The currencies in which the borrowings are denominated are as follows:    
14,042 16,760 US dollar 2,552 1,889
258 960 SA rand 146 35
55 43 Brazilian real 6 7
14,355 17,763 (notes 35 and 36) 2,704 1,931
    Undrawn facilities    
    Undrawn borrowing facilities as at 31 December are as follows:    
– 6,242 Syndicated loan ($1bn) – US dollar 950 –
1,859 – Standard Chartered PLC – US dollar – 250
929 – Syndicated loan ($1,150m) – US dollar – 125
372 329 FirstRand Bank Limited – US dollar 50 50
312 276 Absa Bank Limited – US dollar 42 42
15 – Nedbank Limited – US dollar – 2
220 913 FirstRand Bank Limited – SA rand 139 30
185 185 Standard Bank of SA Limited – SA rand 28 25
105 120 Nedbank Limited – SA rand 18 14
30 30 Absa Bank Limited – SA rand 5 4
4,027 8,095   1,232 542
    (1)Mandatory convertible bonds – issued September 2010    
– 5,729 Senior unsecured fixed-rate bonds 872 –
– 10 Accrued interest 2 –
– 5,739   874 –
    (2)Rated bonds – issued April 2010    
– 6,570 Senior unsecured fixed-rate bonds 1,000 –
– (110) Unamortised discount and bond issue costs (17) –
– 6,460   983 –
– 77 Accrued interest 12 –
– 6,537   995 –
    (3)3.5% Convertible bonds – issued May 2009    
5,450 4,813 Senior unsecured fixed-rate bonds 733 733
(1,033) (744) Unamortised discount and bond issue costs (113) (139)
4,417 4,069   620 594
16 20 Accrued interest 3 2
4,433 4,089   623 596
    (4)FirstRand Bank Limited loan facility (R1.5bn)    
– 700 Drawn down 107 –
– 1 Accrued interest – –
– 701   107 –
    (5)Syndicated loan facility ($1bn)    
– 329 Drawn down 50 –
– (79) Unamortised loan issue costs (12) –
– 250   38 –
– 1 Accrued interest – –
– 251   38 –
    (6)Syndicated loan facility ($1,150m)    
7,621 – Drawn down in US dollars and Australian dollars – 1,025
(9) – Unamortised loan issue costs – (1)
7,612 –   – 1,024
4 – Accrued interest – –
7,616 –   – 1,024
    (7)Standard Chartered term facility    
1,860 – Drawn down – 250
(103) – Unamortised loan issue costs – (14)
1,757 –   – 236
15 – Accrued interest – 2
1,772 –   – 238