Financing expense includes an IAS 19 pension interest charge of 0.9m (2014: 0.3m). Net financing income other includes a net gain of 0.1m (2014: net gain 1.0m) in respect of ineffective fair value hedges and net investment hedges and a loss of 0.5m in respect of unamortised arrangement fees following the refinancing of the 300m syndicated bank facility. TAX Current tax UBM's effective tax rate* for the period was 12.7% (H1 2014: 14.5%). Movements in our tax creditor balance during 2015 were as follows: m CAPITAL STRUCTURE Debt and liquidity Our funding strategy is to maintain a balance between continuity of funding and flexibility through the use of capital markets, bank loans and overdrafts. On 22 April 2015, we signed a new five year 400m syndicated Revolving Credit Facility with our core relationship banks, replacing the existing 300m syndicated bank loan facility which was due to expire in May 2016 and paid down the $100m bridge facility put in place for the Advanstar acquisition.

Financing expense includes an IAS 19 pension interest charge of 0.9m (2014: 0.3m). Net financing income other includes a net gain of 0.1m (2014: net gain 1.0m) in respect of ineffective fair value hedges and net investment hedges and a loss of 0.5m in respect of unamortised arrangement fees following the refinancing of the 300m syndicated bank facility. TAX Current tax UBM's effective tax rate* for the period was 12.7% (H1 2014: 14.5%). Movements in our tax creditor balance during 2015 were as follows: m CAPITAL STRUCTURE Debt and liquidity Our funding strategy is to maintain a balance between continuity of funding and flexibility through the use of capital markets, bank loans and overdrafts. On 22 April 2015, we signed a new five year 400m syndicated Revolving Credit Facility with our core relationship banks, replacing the existing 300m syndicated bank loan facility which was due to expire in May 2016 and paid down the $100m bridge facility put in place for the Advanstar acquisition.

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