FAIRFAX MEDIA  LIMITED  2013  91 The Group issued Senior Notes in the US private placement market with a principal value of US$230 million (A$289.8 million)  in January 2004 with a fixed coupon of between 4.7% p.a. and 5.9% p.a. payable semi-annually in arrears. The interest and  principal on the Senior Notes are payable in US dollars and were swapped into floating rate New Zealand dollars and floating  rate Australian dollars via cross currency swaps. This issue of Senior Notes comprises maturities ranging from January 2011  to January 2019. In January 2011 Senior Notes of US$50 million were repaid. The weighted average maturity of the issue is  approximately 2.7 years. The applicable cross currency swap credit margin includes the cost of hedging all currency risk and  future interest and principal repayments on a quarterly basis. A $441.6 million syndicated bank facility (2012: $1,155.6 million) is available to the Group maturing in April 2015. At 30 June 2013,  $125.0 million was drawn down (2012: $590.0 million). The interest rate for drawings under this facility is the applicable bank bill  rate plus a credit margin. The Group has sufficient unused committed facilities and cash at the reporting date to finance maturing current interest bearing  liabilities. The Group has a number of finance facilities which are guaranteed by Fairfax Media Limited and are covered by deeds  of negative pledge. The Group net debt for financial covenant purposes, taking into account all debt related derivative financial instruments, was  $154.5 million as at 30 June 2013 (2012: $914.1 million). 19. INTEREsT BEARING LIABILITIEs (A) FINANCING ARRANGEMENTS (B) BANK BORROWINGS (C) SENIOR NOTES * Debt hedging instruments are measured against the undiscounted contractual AUD cross currency swap obligations and therefore may  not equate to the values disclosed in the balance sheet (inclusive of transaction costs). NOTE 30June 2013 $’000 24 JUNE 2012 $’000 Current interest bearing liabilities – unsecured Other loans Senior notes (C)  277,700   –  Other (D)  2,185   2,308  Finance lease liability (D)  4,438   4,131  Total current interest bearing liabilities  284,323   6,439  non-current interest bearing liabilities – unsecured Bank borrowings (B)  123,548   718,177  Other loans Senior notes (C)  220,508   466,302  Other (D)  3,819   6,003  Finance lease liability (D)  6,014   10,452  Total non-current interest bearing liabilities  353,889   1,200,934  neT deBT FoR FinAnCiAl CoVenAnT PuRPoSeS Cash and cash equivalents  (533,531)  (358,364) Current interest bearing liabilities  284,323   6,439  Non-current interest bearing liabilities  353,889   1,200,934  Derivative financial instruments liabilities *  49,812   65,089  net debt for financial covenant purposes  154,493   914,098  NOTEs TO THE FINANCIAL sTATEMENTs  FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013