Annual Financial Statements for the year ended 30 June 2021 0 - Book - Page 92
1
2
3
4
SASOL LIMITED GROUP
Funding activities and facilities (continued)
17
Long-term debt continued
30 June 2021
Expiry date
Currency
Contract
amount
million
Total
Rand
equivalent
Rm
Utilised
facilities
Rm
Available
facilities
Rm
Banking facilities and debt arrangements
Group treasury facilities
Commercial paper (uncommitted)¹
Commercial banking facilities
Revolving credit facility²
Revolving credit facility
None
None
November 2024
June 2024
Rand
Rand
US dollar
US dollar
8 000
8 500
3 367
150
8 000
8 500
48 064
2 141
2 176
–
7 737
2 141
5 824
8 500
40 327
–
US Dollar Bond
US Dollar Bond
US Dollar Bond
US Dollar Bond
US Dollar Bond
US Dollar term loan
November 2022
March 2024
September 2028
March 2026
September 2031
June 2024
US dollar
US dollar
US dollar
US dollar
US dollar
US dollar
1 000
1 500
750
650
850
1 450
14 275
21 413
10 706
9 279
12 134
20 699
14 275
21 413
10 706
9 279
12 134
20 699
–
–
–
–
–
–
Various
Rand
993
993
993
–
–
–
742
–
102 295
54 651
Debt arrangements
Other Sasol businesses
Specific project asset finance
Energy – Clean Fuels II (Natref)
Debt arrangements
Other debt arrangements
Various
Available cash excluding restricted cash
29 224
Total funds available for use
83 875
Total utilised facilities
Accrued interest
Unamortised loan cost
102 295
1 090
(439)
Total debt including accrued interest and unamortised loan cost
102 946
Comprising
97 137
5 566
Long-term debt
Short-term debt
60
5 506
Short-term debt
Short-term portion of long-term debt
243
Bank overdraft
102 946
1 In August 2019, Sasol issued its inaugural paper to the value of R2 176 million in the local debt market under the current Domestic Medium Term Note
(DMTN) programme, at 130 basis points above 3 month Jibar, repayable in August 2022.
2 The RCF is available until November 2024, with total availability reducing to US$3,495 billion by November 2022 and to US$2,845 billion by
November 2023.
Loan covenant amendment
For the year ended 30 June 2020 lenders agreed to waive Sasol's Net Debt : Earnings Before Interest, Taxation, Depreciation
and Amortisation (EBITDA) covenant, and for the period ended 31 December 2020 lenders agreed to increase the maximum Net
Debt : EBITDA covenant to 4,0 times, whereafter the covenant reverted to the prior level of 3,0 times. These amendments were
subject to certain conditions that remained in place until a certificate was issued certifying compliance with the Net Debt : EBITDA
covenant, which occurred on 2 March 2021. Consistent with these conditions Sasol committed to use proceeds from disposals and
debt issuance to prepay, and in some instances proportionally cancel, the Revolving Credit Facility until the facility amount was
reduced to R40,6 billion, (US$2,845 billion).
Accounting policies:
Debt, which constitutes a financial liability, includes short-term and long-term debt. Debt is initially recognised at fair value, net
of transaction costs incurred and is subsequently stated at amortised cost. Debt is classified as short-term unless the borrowing
entity has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Debt is derecognised when the obligation in the contract is discharged, cancelled or has expired. Premiums or discounts arising
from the difference between the fair value of debt raised and the amount repayable at maturity date are charged to the income
statement as finance expenses based on the effective interest rate method. A debt modification gain or loss is recognised
immediately when a debt measured at amortised cost has been modified.
90
Sasol Annual Financial Statements 2021