Business
Amendment to Bank Covenant Measurements
Amendment to Bank Covenant Measurements.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 2821X Petra Diamonds Limited 26 April 2019 \n\n\n\n\n\n\n\n\n\n\n\n \n \n \nThis announcement contains inside information\n \n\n\n\n26 April 2019\n\n\nLSE: PDL\n\n\n\n \nPetra Diamonds Limited \n(\"Petra\", \"the Company\" or \"the Group\")\n \nAmendment to Covenant Measurement for South African Banking Facilities \n \nPetra Diamonds Limited announces that its lender group, including Absa Bank Limited (acting through its Corporate and Investment Banking division), FirstRand Bank Limited (acting through its Rand Merchant Bank division), Investec Asset Management Proprietary Limited and Nedbank Limited (acting through its Corporate and Investment Banking division) (together the \"Lender Group\"), has agreed to amend the EBITDA-related maintenance covenant levels for the respective measurement periods as follows:\n \n\n\n\n\n\n\n12 months to 30 Jun 2019\n\n\n12 months to 31 Dec 2019\n\n\n12 months to 30 Jun 2020\n\n\n12 months to 31 Dec 2020\n\n\n12 months to 30 Jun 2021\n\n\n\n\n \nConsolidated Net Debt to Consolidated EBITDA:\n\n\n\n\n- New covenant ratio:\n\n\n≤ 4.5x\n\n\n≤ 4.25x\n\n\n≤ 3.5x \n\n\n≤ 3.25x \n\n\n≤ 3.0x\n\n\n\n\n- Previous covenant ratio:\n\n\n≤ 2.5x\n\n\n≤ 2.5x\n\n\n≤ 2.5x\n\n\n≤ 2.5x\n\n\n≤ 2.5x\n\n\n\n\n \nConsolidated EBITDA to Consolidated Net Finance Charges:\n\n\n\n\n- New covenant ratio:\n\n\n≥ 2.5x\n\n\n≥ 2.5x\n\n\n≥ 2.75x \n\n\n≥ 3.0x\n\n\n≥ 3.25x\n\n\n\n\n- Previous covenant ratio:\n\n\n≥4.0x\n\n\n≥4.0x\n\n\n≥4.0x\n\n\n≥4.0x\n\n\n≥4.0x\n\n\n\n \nExisting bank debt facilities remain unchanged as outlined below:\n \n\n\n\nLender\n\n\nType\n\n\nSize ZARM\n\n\nSize US$M1\n\n\nInterest Rate\n\n\nAnnual Commitment Fees on undrawn facilities\n\n\nRepayment\n\n\n\n\nABSA & Nedbank\n\n\nZAR Revolving Credit Facility\n\n\n1,000\n\n\n69\n\n\n1M JIBAR plus 5.0%2 \n\n\n1.35%2\n\n\nOctober 2021\n\n\n\n\nABSA & RMB \n\n\nZAR Working Capital facility\n\n\n500\n\n\n35\n\n\nSA prime lending rate minus 1%\n\n\n0.85%\n\n\nSubject to annual renewal\n\n\n\n \nNote 1: Converted to US$ using an exchange rate of ZAR14.40/US$1\nNote 2: The ZAR Revolving Credit Facility will be subject to new margin and commitment fee ratchet mechanis...