20. INTEREST-BEARING BORROWINGS
 
2021 2020
Non-current
portion
R’m		 Current
portion
R’m		 Non-current
portion
R’m		 Current
portion
R’m
Unsecured borrowings
Bilateral term loans 2 700 212 1 325 957
Syndicated term loans 6 054 – 7 056 –
Bank loan 7 3 15 4
Life Healthcare Multi-Issuer programme notes – – – 598
Preference shares – 500 500 –
Secured borrowings
Mortgage bonds 18 16 34 15
Bank loans – – – 65
Term loans – – 1 2
Revolving credit facilities – 653 738 –
Lease liabilities 2 135 427 2 365 539
Total borrowings – 30 September 10 914 1 811 12 034 2 180

Terms and repayment schedule
Interest rate at
30 September		 Repayment terms5 Date of
maturity/
final
settlement		 Carrying
value
2021
R’m		 Carrying
value
2020
R’m
Bilateral term loans
Southern Africa
Term loan one 3-month JIBAR plus 2.14%1 Six equal semi-annual instalments of R125 million, payable from 30 June 2019 30 Jun 2021 – 375
Term loan two 3-month JIBAR plus 1.55%2 Five equal semi-annual instalments of R200 million, payable from 30 September 2021 30 Jun 2021 – 1 000
Term loan three 3-month JIBAR plus 1.59% Five equal semi-annual instalments of R100 million, payable from 30 September 2021 27 Sep 2023 400 500
Term loan four 3-month JIBAR plus 1.65%3 Single instalment 31 May 2024 377 –
Term loan five 3-month JIBAR plus 1.65%3 Single instalment 31 May 2024 377 –
Term loan six 3-month JIBAR plus 1.65%3 Single instalment 31 May 2024 502 –
Term loan seven 3-month JIBAR plus 1.75%3 Eight equal semi-annual instalments of R46.9 million, payable from 30 November 2022 31 May 2026 377 –
Term loan eight 3-month JIBAR plus 1.75%3 Eight equal semi-annual instalments of R46.9 million, payable from 30 November 2022 31 May 2026 377 –
Term loan nine 3-month JIBAR plus 1.75%3 Eight equal semi-annual instalments of R62.5 million, payable from 30 November 2022 31 May 2026 502 –
Polish
Term loan one 3-month WIBOR plus 2.04% Single instalment 26 Mar 2021 – 407
Syndicated term loans
UK
Term loan A1 3-month LIBOR plus 1.80%4 Single instalment 31 Mar 2023 1 824 1 953
Term loan A2 3-month LIBOR plus 2.00%4 Single instalment 31 Mar 2025 1 824 1 953
Term loan B1 3-month EURIBOR plus 1.70%4 Single instalment 31 Mar 2023 1 203 1 358
Term loan B2 3-month EURIBOR plus 1.90%4 Single instalment 31 Mar 2025 1 203 1 358
Term loan C 3-month LIBOR plus 1.70%4 Single instalment 31 Mar 2025 – 434
Bank loan 1.03% – 3.17% Monthly/quarterly instalments 31 April 2031 10 19
Life Healthcare Multi-Issuer programme notes
Note one 3-month JIBAR plus 0.75% Single instalment 15 Oct 2020 – 243
Note two 3-month JIBAR plus 1.20% Single instalment 17 Nov 2020 – 80
Note three 3-month JIBAR plus 1.70% Single instalment 08 Jun 2021 – 275
Preference shares
Class E 72% of 3-month JIBAR plus 1.60% Single instalment 30 Mar 2022 500 500
Unsecured borrowings   9 476 10 455
Mortgage bonds 1-month JIBAR plus 2.65% 120 equal monthly instalments of R1.5 million 30 Sep 2023 34 49
Bank loans (trade receivable subject to factoring arrangement refer note 16) 1-month EURIBOR + 1.30% or 1-month LIBOR + 1.75% Payable as cash is received from debtors Overarching agreement ends August 2021 – 65
Term loans in Polish operations 1-month WIBOR plus 1.0% Monthly instalments of R0.1 million Disposed of on 26 Mar 2021 – 3
Revolving credit facilities
Credit facility (EUR facility) 3-month EURIBOR plus 1.35% Single instalment 10 Dec 2021 653 738
Lease liabilities
Southern Africa (property, equipment and other) 8.0% - 18.0% Repayable in monthly instalments over 1 to 19 years ending Oct 2039.   1 197 881
AMG (property, equipment and other) 0.0% - 6.67% Repayable in either quarterly or monthly instalments over 1 to 22 years ending Mar 2043.   1 365 1 495
Polish (property, equipment and other)
(disposed of during the current year)		 3-month WIBOR plus 3.76% - 3.77% Disposed of on 26 Mar 2021 (2020: Repayable in monthly instalments over 1 to 18 years ending June 2038).   – 528
Secured borrowings 3 249 3 759
Total borrowings   12 725 14 214
The lenders have the right to change the interest rate margin on the term loans in the following conditions:
1 – If the net debt to normalised EBITDA ratio is at or less than 1.75:1, then the interest rate margin shall be 1.84% for term loan one.
  – If the net debt to normalised EBITDA ratio is higher than 1.75:1 and less than or equal to 2.25:1, then the interest rate margin shall be 1.99% for term loan one.
  – If the net debt to normalised EBITDA ratio is higher than 2.25:1 and less than or equal to 2.75:1, then the interest rate margin shall be 2.14% for term loan one.
  – If the net debt to normalised EBITDA ratio is higher than 2.75:1, then the interest rate margin shall be 2.29% for term loan one.
2 – If the net debt to normalised EBITDA ratio is at or less than 2.50:1, then the interest rate margin shall be 1.55% for term loan two.
  – If the net debt to normalised EBITDA ratio is higher than 2.50:1 and less than or equal to 3.00:1, then the interest rate margin shall be 2.05% for term loan two.
  – If the net debt to normalised EBITDA ratio is higher than 3.00:1 and less than or equal to 3.50:1, then the interest rate margin shall be 2.30% for term loan two.
  – If the net debt to normalised EBITDA ratio is higher than 3.50:1, then the interest rate margin shall be 2.55% for term loan two.
3 – If the net debt to normalised EBITDA ratio is higher than 3.00:1, then the interest rate margin shall increase by 0.15%.
4 – If the net debt to normalised EBITDA ratio is higher than 3.00:1, then the interest rate margin shall increase by 0.25%.
5 – The final capital repayment date is stipulated in the funding agreement and may differ slightly from the instalment dates.

 

Carrying
value
2021
R’m		 Carrying
value
2020
R’m
The interest-bearing borrowings carrying amount is denominated in the following currencies:
South African rand 4 481 3 723
Botswana pula 162 180
Pound sterling 4 477 5 268
European euro 3 605 4 105
Polish zloty – 938
12 725 14 214

 

Bank 
loans 
2021 
R知 		 Preference 
shares 
2021 
R知 		 Lease 
liabilities 
2021 
R知 		 Bank 
loans 
2020 
R知 		 Preference 
shares 
2020 
R知 		 Finance 
leases 
2020 
R知 
Reconciliation of opening balance to closing balance 
Balance at 1 October  10 810  500  2 904  10 068  500  1 427 
Cash flow movements 
Proceeds from interest-bearing borrowings  4 970  –  251  12 505  –  261 
Repayment of interest-bearing borrowings  (5 078) –  (490) (12 952) –  (573)
Interest paid  (271) (21) (161) (427) (29) (159)
Debt raising fees capitalised  –  –  –  (43) –  – 
Non-cash items 
Interest accrued  283  21  161  427  29  159 
Recognised on 1 October 2019 as a result of adopting IFRS 16  –  –  –  –  –  1 292 
Additional lease liabilities recognised  –  –  625  –  –  355 
Derecognition of lease liability  –  (56) (173)
Arising on acquisition of subsidiaries  52  –  5  –  –  – 
Disposal of subsidiary  (346) –  (451) –  –  – 
Amortisation of debt raising fees capitalised  10  –  –  45  –  – 
Effect of foreign currency movement  (767) –  (226) 1 187  –  315 
Balance at 30 September  9 663  500  2 562  10 810  500  2 904 

Receivables Property, plant and equipment
2021
R’m		 2020
R’m		 2021
R’m		 2020
R’m
Carrying value of assets held as security for borrowings
Mortgage bonds – – 97 106
Bank loans 53 311 – –
Term loans in Polish operations – – – 25
Revolving credit facility (AMG – secured against gross assets) – – 1 884 2 125
Lease liabilities – – 2 827 3 077
Total 53 311 4 808 5 333

Borrowing facilities
Total
2021
R’m		 Available
2021
R’m		 Total
2020
R’m		 Available
2020
R’m
The Group has the following borrowing facilities:
Southern Africa
  Committed general banking facilities* 2 500 2 175 4 000 2 319
  Committed trade loan facility 650 650 650 650
  Uncommitted general banking facilities 1 500 1 500 1 250 750
International
  Committed GBP revolving credit facility 2 035 2 035 2 290 1 853
  Committed EUR revolving credit facility 879 226 993 255
  Committed working capital facility (zloty) – – 44 44
  Committed leasing facility (GBP) – – 654 143
  Factoring facility (EUR) (2020: EUR and GBP) 53 53 333 268
7 617 6 639 10 214 6 282

* Total facilities reduced by R1 billion during November 2021.