The following ratios are measured twice annually, on a rolling twelve month period at 30 June and 31 December, respectively.
Maintenance Covenants |
|
|
12 months to 30 Jun 19 |
12 months to 31 Dec 19 |
12 months to 30 Jun 20 |
12 months to 31 Dec 20 |
12 months to 30 Jun 21 |
Consolidated Net Debt1 to Consolidated EBITDA |
|
|
≤4.5x |
≤4.25x |
≤3.5x |
≤3.25x |
≤3.0x |
Consolidated EBITDA to Consolidated Net Finance Charges |
|
|
≥2.5x |
≥ 2.5x |
≥ 2.75x |
≥ 3.0x |
≥ 3.25x |
Consolidated Net Senior Debt2 to Book Equity3 |
|
|
≤0.4x |
≤0.4x |
≤0.4x |
≤0.4x |
≤0.4x |
Distribution Covenants |
All periods |
Consolidated Net Debt1 to Consolidated EBITDA |
≤2.00x |
Consolidated EBITDA to Consolidated Net Finance Charges |
≥6.00x |
Consolidated Net Senior Debt2 to Book Equity3 |
≤0.30x |
- Consolidated net debt is loans and borrowings, less cash, less diamond debtors and includes the BEE guarantees of ca. ZAR762.5 billion ($54.2 million) as at 30 June 2019, issued by Petra to the lenders as part of the BEE financing concluded in December 2014
- Consolidated Net Senior Debt means at any time the Consolidated Net Debt (excluding any second lien and other subordinated debt)
- Book Equity is Equity excluding accounting reserves