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 | • R3,010 million with tenure to 30 June 2024 • 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 400 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: • 80bps reduction whilst commitments <= R2.0bn |
| Covenants | Covenants are NAV based and set with sufficient headroom for short term volatility |
| As at 30 September 2022 | |
| Facility Commitment | • R3,010 million with tenure to 30 June 2024 |
| Margin | • Interest margin 400 bps on JIBAR, payable quarterly with a right to rollup |
| During November 2022 | |
| Facility Commitment | • R2,548 million (1) with tenure to 30 June 2024 |
| Margin | • Interest margin 400 bps on JIBAR, payable quarterly with a right to rollup |
| (1) Reduced by R462m (50% of the R924m distribution received in November 2022 from Premier). |
