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 as at 31 March 2023 |
|
| Facility Commitment | • R2,548 million(1) 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 |
| During April 2023 | |
| Facility Commitment | • Following settlement of the outstanding balance of R2,063 million in April 2023, Brait signed a term sheet with the Lenders (RMB and Standard Bank) to extend the term of the BML RCF to 31 March 2025, with a facility commitment of R594 million(2) |
| Margin | • Interest margin 290 bps on JIBAR, payable quarterly with a right to rollup |
| (1) R3,010m reduced by R462m (50% of the R924m pre-listing distribution received in November 2022 from Premier). |
| (2) 1% commitment fee is unchanged while Covenants remain NAV based and set with sufficient headroom for short term volatility. |
