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Banking Facilities

Existing bank debt facilities of ZAR900 million fully drawn as at 31 December 2020 (ca. US$61.2 million): 

Lender Type Size
(ZARm)
Size
(US$M
equivalent1)
Utilised as at 31 Dec 2020
(US$M
equivalent1)
Covenants
Absa & Nedbank ZAR Revolving
Credit Facility
400 27.2 27.2 Waiver2
Absa & RMB (FNB) ZAR Working
Capital Facility
500 34.0 34.0 Waiver2

  1. Converted to US$ using exchange rate of ZAR14.69/US$1
  2. The South African lender group has consented to a waiver of the EBITDA related covenant ratios for the December 2020 measurement period

Facilities post restructuring: 

Facility Type
Size
(ZARm)
Covenants
Covenant Measurement
Maturity
RCF ZAR Revolving Credit Facility 560 1.3x DSCR; $20m Minimum Liquidity Every half year, starting Dec-21 Three years from restructuring effective date
Term Loan ZAR amortising term loan 1,200 1.3x DSCR; $20m Minimum Liquidity Every half year, starting Dec-21 Three years from restructuring effective date

Note: Term loan will include BEE debt of ZAR683.1 million