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 30 Jun 2017 31 Dec 2017 30 Jun 2018 onwards
Consolidated Net Debt1 to Consolidated EBITDA 2.80:1 2.80:1 2.50:1
Consolidated EBITDA to Consolidated Net Finance Charges 3.50:1 3.85:1 4.00:1
Consolidated Net Senior Debt2 to Book Equity3 0.4:1 0.4:1 0.4:1

Distribution Covenants 30 Jun 2017 31 Dec 2017 30 Jun 2018 onwards
Consolidated Net Debt1 to Consolidated EBITDA 2.00:1 2.00:1 2.00:1
Consolidated EBITDA to Consolidated Net Finance Charges 6.00:1 6.00:1 6.00:1
Consolidated Net Senior Debt2 to Book Equity3 0.3:1 0.3:1 0.3:1

  1. Consolidated net debt is loans and borrowings, less cash, less diamond debtors
  2. Consolidated Net Senior Debt means at any time the Consolidated Gross Debt (excluding any second lien and other subordinated debt)
  3. Book Equity is Equity excluding accounting reserves.