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 | • R3.0bn 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 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: • 80bps reduction whilst commitments <= R2.0bn |
Covenants | Covenants are NAV based and set with sufficient headroom for short term volatility |
As at 31 Mar 2022 | |
Facility Commitment | • R3.0bn |
Margin | • Interest margin continues to be 400 bps on JIBAR, payable quarterly with a right to rollup |