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Debt Facilities

On 2nd Feb 2022 Petra announced that it had concluded a binding, credit approved term sheet for the refinancing of its first lien debt facility with its South African Lender Group, providing for more favourable terms than the Group’s current first lien facilities. The new facility was finalised during Q3 FY2022. For more information please read the announcement here.

Petra currently has access to the following debt facilities as agreed with its South African Lender Group:

Facility Type
Lender1 Size
ZARm
Interest Rate Amortisation Covenants2
Maturity
Term Loan ZAR Amortising Term Loan South African Lender Group 1,200.0 JIBAR + 5.25% pa 9% per quarter, with final 10% of principal repayment at maturity DSCR;
Minimum Liquidity
08 March 2024
RCF ZAR Revolving Credit Facility South African Lender Group 560.0 JIBAR + 5.25% pa 9% per quarter, with final 10% of principal repayment at maturity DSCR;
Minimum Liquidity
08 March 2024

  1. The South African Lender Group comprises First Rand, Nedbank, ABSA and NinetyOne for the Term Loan and First Rand, Nedbank and ABSA for the RCF
  2. Covenants include a minimum debt service cover ratio (DSCR) of 1.3:1 in addition to a minimum liquidity requirement of ZAR200 million (US$14.0 million) based on covenant measurements every half year. The minimum liquidity requirement immediately after a Fixed Income Investor’s coupon repayment is US$20 million.