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Banking Facilities

New SA Bank debt facilities post restructuring as at 31 March 2021: 

The Group’s refinanced South African bank facilities comprises a R1.2bn term loan (US$81.3 million) and ZAR560 million (US$37.9 million) revolving credit facility. As part of the Restructuring, the BEE partner bank facilities (which comprised the BEE guarantees) were settled by the Group through proceeds of the ZAR1.2 billion term loan.

Facility Type
Size
ZARm1
Size
US$m2
Utilised at 31 Mar 2021
US$m2
Covenants3
Maturity4
RCF ZAR Revolving Credit Facility 560 37.9 27.1 DSCR;
Minimum Liquidity
March 2024
Term Loan ZAR amortising term loan5 1,200 81.3 81.3 DSCR;
Minimum Liquidity
March 2024

  1. Term Loan amortizes in quarterly instalments, and the commitments under the New RCF will also reduce on a quarterly basis, over the life of the facilities
  2. Converted to USD using exchange rate of ZAR14.76/USD1
  3. Covenants include a minimum debt service cover ratio (DSCR) of 1.3:1 in addition to a minimum liquidity requirement of US$20 based on covenant measurement every half year
  4. Maturity date three years from the Restructuring Effective Date for the New Term Loan, New RCF and ancillary facilities being 9 March 2024
  5. As part of the Restructuring, the BEE partner bank facilities (which comprised the BEE guarantees) were settled by the Group through proceeds of the ZAR1.2 billion term loan