Mobile Navigation

Banking Covenants

These covenants relate to Petra's banking facilities

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 June 2018 12 months to 31 Dec 2018 12 months to 30 Jun 2019 and thereafter
Consolidated Net Debt1 to Consolidated EBITDA ≤3.5x ≤3.5x ≤2.5x
Consolidated EBITDA2 to Consolidated Net Finance Charges ≥3.0x ≥3.0x ≥4.0x
Consolidated Net Senior Debt3 to Book Equity4 ≤0.4x ≤0.4x ≤0.4x
Distribution Covenants All periods
Consolidated Net Debt1 to Consolidated EBITDA ≤2.00x
Consolidated EBITDA2 to Consolidated Net Finance Charges ≥6.00x
Consolidated Net Senior Debt3 to Book Equity4 ≤0.30x
  1. Waiver obtained for 30 June 2018 measurement period
  2. Consolidated net debt is loans and borrowings, less cash, less diamond debtors and includes the BEE guarantees of ca. ZAR1.179 billion ($85.9 million) as at 30 June 2018, issued by Petra to the lenders as part of the BEE financing concluded in December 2014
  3. Consolidated Net Senior Debt means at any time the Consolidated Net Debt (excluding any second lien and other subordinated debt)
  4. Book Equity is Equity excluding accounting reserves

Site map