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Banking Facilities

As at 31 March 2019 Petra had bank facilities (excl. FX lines) of ca. US$103.6 million.

The Group had bank debt facilities undrawn and available as at 31 March 2019 of US$103.6 million, in addition to US$96.9 million cash at bank.

Lender Type Size
(ZAR M)
Size
(US$M equivalent1)
Utilised at
31 Mar 2019
(US$M equivalent1)
Interest
Rate
Annual Commitment Fees on undrawn facilities Repayment
Absa & Nedbank ZAR Revolving
Credit Facility
1,000 69 0 1M JIBAR plus 5.0%2 1.35%2 October 2021
Absa & RMB (FNB) ZAR Working
Capital Facility
500 35 0 SA prime lending rate minus 1% 0.85% Subject to
annual
renewal
  1. Converted to US$ using exchange rate of ZAR14.48/US$1 as at 31 March 2019.
  2. The ZAR Revolving Credit Facility will be subject to new margin and commitment fee ratchet mechanisms contingent on the Consolidated Net Debt: Consolidated EBITDA covenant levels at each measurement date.

Interest rate and commitment fee ratchet mechanism is as follows:

Consolidated Net Debt to Consolidated EBITDA Additional
interest rate
ratchet
Additional commitment fee
ratchet
≤ to 2.5:1 0.0% 0.0%
> 2.5:1 but ≤ 3.0:1 +1.0% 0.0%
> 3.0:1 but ≤ 3.5:1 +2.0% +0.225%
> 3.5:1 but ≤ 4.0:1 +3.0% +0.450%
> 4.0:1 +4.0% +0.675%