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 |
