Revolving Credit Facility

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Brait’s revolving credit facility held by its subsidiary Brait Mauritius Limited (the “BML RCF”) is secured on a senior basis by the assets of BML

Key Terms  
Facility Commitment • R6.31bn 3-year RCF
• Facility commitments to reduce by agreed % of proceeds received from disposals of portfolio companies
• All proceeds must be mandatorily prepaid to the facility
Margin • Margin for facility will be 460 bps on JIBAR, payable quarterly with a right to rollup
• The margin is subject to downward margin ratchet based on total commitments as Brait de-gears:
    • 60bps reduction whilst commitments <= R5.25bn
    • Further 40bps reduction whilst commitments <= R3.5bn
    • Further 40bps reduction whilst commitments <= R2.0bn
Covenants Covenants remain NAV based and have been set with sufficient headroom for short term volatility
   
As at 30 Sep 2020  
Facility Commitment • Following the capital repayments during the current six month reporting period, the facility commitment has decreased to R4.4bn
Margin • As the facility commitment is less than R5.25bn, the interest margin has reduced to 400 bps on JIBAR, payable
quarterly with a right to rollup