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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 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

  1. Consolidated net debt is loans and borrowings, less cash, less diamond debtors and includes the BEE guarantees of ca. ZAR1.073 billion ($74.1 million) as at 31 March 2019, issued by Petra to the lenders as part of the BEE financing concluded in December 2014
  2. Consolidated Net Senior Debt means at any time the Consolidated Net Debt (excluding any second lien and other subordinated debt)
  3. Book Equity is Equity excluding accounting reserves

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