Section 1.01 Entering into a Material Definitive Agreement.
As previously announced, the
(“Net1”), has entered into a Share Sale Agreement (the “Sale Agreement”) with
At
Fourth Amendment and Restatement Agreement
At
Loan documents contain standard covenants that require
Senior Facility G Agreement
Pursuant to the Senior Facility G Contract,
Facility G must be repaid on the date which falls 18 months after the first use of Facility G.
Interest on Facility G is payable quarterly in arrears based on the 3-month Johannesburg Interbank Agreed Rate (“JIBAR”) in effect from time to time, plus a margin of (i) 3.00% per annum for the first nine months after the effective date (as defined in the loan documents); then (ii) from the date following the nine-month period in (i), (x) 2.50% per annum if the outstanding balance of Facility G is less than or equal to
Senior Facility H Convention
In accordance with the Senior Credit Agreement H (“Credit Agreement H”),
can borrow up to a total of
Facility H must be repaid on the date which falls 18 months after the first use of Facility H.
Interest on Facility H is payable quarterly in arrears based on the JIBAR in effect from time to time, plus a margin of 2.00% per annum and an additional increase of 2.00% per annum in the event of default ( as defined in the Loan Documents).
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The H facility agreement gives the lenders the right to discuss the capitalization of the Net1 group with its management and
VCP is required to maintain an asset coverage ratio greater than 5.00:1.00, calculated as the total net asset value of the VCP investment fund (as defined in the H facility agreement) divided by the outstanding borrowings of Facility H, measured in March, June, September and December of each year (as applicable) (each a “Measurement Date”). Lenders require
The foregoing description of the Loan Documents does not purport to be complete and is qualified in its entirety by reference to the full text thereof, copies of which are attached hereto as Exhibits 10.1 through 10.3 and are incorporated herein by reference. .
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Section 1.01 of this Form 8-K is incorporated by reference.
Section 9.01. Financial statements and supporting documents.
(d) Exhibits
Exhibit No. Description 10.1 Fourth Amendment and Restatement Agreement, datedJanuary 24, 2022 , betweenNet1 Applied Technologies South Africa Proprietary Limited (as borrower), withNet 1 UEPS Technologies, Inc. Holdco ), arranged by FirstRand Bank Limited (acting through itsRand Merchant Bank division) (the Arranger), and FirstRand Bank Limited (acting through itsRand Merchant Bank division) (as Original Senior Lender), with FirstRand Bank Limited (acting through itsRand Merchant Bank division) (as facility agent), andMain Street 1692 (RF)Proprietary Limited (as Debt Guarantor) 10.2 Senior Facility G Agreement, datedJanuary 24, 2022 , R750,000,000 Senior Term Facility Agreement forNet1 Applied Technologies South Africa Proprietary Limited (as borrower), provided by FirstRand Bank Limited (acting through itsRand Merchant Bank division) (as lender), with FirstRand Bank Limited (acting through itsRand Merchant Bank division) (as facility agent) 10.3 Senior Facility H Agreement, datedJanuary 24, 2022 , R350,000,000 Senior Term Facility Agreement forNet1 Applied Technologies South Africa Proprietary Limited (as borrower), provided by FirstRand Bank Limited (acting through itsRand Merchant Bank division) (as lender), with FirstRand Bank Limited (acting through itsRand Merchant Bank division) (as facility agent) 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
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