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 • R6.3bn with tenure to 28 February 2023 (3-years)
• Facility commitments to reduce by agreed % of proceeds received from portfolio company disposals and refinancings
• 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 are NAV based and set with sufficient headroom for short term volatility
   
As at 30 Sep 2021  
Facility Commitment(1) • Facility commitment unchanged at R4.4bn (FY21: R4.4bn, as a result of capital repayments made during FY21)
Margin • Interest margin has reduced to 400 bps on JIBAR, payable quarterly with a right to rollup
   
Post Balance Sheet reporting date(1)  
Facility Commitment(1) • Post balance sheet date, Brait reached final agreement with the lending banks to amend and extend the term of the
  BML RCF from 28 February 2023 to 30 June 2024.
• The facility limit of R4.4bn reduces to R3.0bn immediately post the Rights Offer
Margin • The initial interest margin on the facility is 400 bps on the 3-month JIBAR
• Margin reduction of 80 bps to apply if facility limit has reduced to below R2.0bn
 
(1) Post balance sheet reporting date, Brait reached final agreement with the lending banks to amend and extend the term of the BML RCF from 28 February 2023 to 30 June 2024, with a facility limit of R3bn post Rights Offer. The estimated available liquidity amount of R1.3bn takes consideration of (i) the expected impact of the Rights Offer transaction announced today, net proceeds of which will be used to settle a material portion of the BML RCF; and (ii) Brait’s R760m (80% pro rata share of the total R950m commitment by Virgin Active shareholders) commitment to the VASA business as part of the restructuring and extension of the existing VASA debt facilities.