Revolving Credit Facility
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 2024 |
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| Facility Commitment |
| • |
R594 million with tenure to 31 March 2025 |
| • |
All proceeds must be mandatorily prepaid to the facility |
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| Margin |
| • |
Margin for facility is 290 bps on JIBAR, payable quarterly with a right to rollup |
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| Commitment Fee |
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| Covenants |
| • |
Covenants are NAV based and set with sufficient headroom for short term volatility |
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| Post Balance sheet reporting date |
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| Facility Commitment(1) |
| • |
Pursuant to the Recapitalisation announced to the market on 3 June 2024, Brait has signed a term sheet with its Lenders and is in the process of concluding the requisite legal agreements to increase the limit of its BML RCF to R1.0 billion and extend its tenure from 31 March 2025 to 31 March 2028 |
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| Margin |
| • |
The interest margin on the amended facility is the three-month JIBAR plus a variable margin between 2.9% and 3.7% (depending on pledged security levels) |
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| (1) 1.1% commitment fee will apply with covenants set to remain NAV based. |
