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 2019 and thereafter |
| Consolidated Net Debt1 to Consolidated EBITDA |
|
|
≤2.5x |
| Consolidated EBITDA to Consolidated Net Finance Charges |
|
|
≥4.0x |
| Consolidated Net Senior Debt2 to Book Equity3 |
|
|
≤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. ZAR1.040 billion ($72.5 million) as at 31 December 2018, 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
