Business Plan Africa Investor-Ready Plans

Mainstreet Junction Business Plan — Appendix C: Funding and Debt Schedules

Facility-by-facility drawdown, interest and amortisation schedules across senior debt and the oil company facility.

Appendix C: Funding and Debt Schedules

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C.1 Sources of funds
C.2 Senior bank term debt — R24.0m at 12.0%
C.3 Oil company and equipment facility — R6.0m at 10.5%
C.4 Combined debt service and cover

C.1 Sources of funds

Source	Amount (R)	% of total	Rate	Term
Promoter and investor equity	14 500 000	32.6%	—	Ordinary shares
Senior bank term debt	24 000 000	53.9%	12.0%	10 years, 12-month capital moratorium
Oil company and equipment facility	6 000 000	13.5%	10.5%	5 years amortising
Total funding	44 500 000	100.0%

C.2 Senior bank term debt — R24.0m at 12.0%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Opening balance	24 000	24 000	22 376	20 556	18 519
Interest charged	2 880	2 880	2 685	2 467	2 222
Capital repaid	— (moratorium)	1 624	1 819	2 038	2 282
Closing balance	24 000	22 376	20 556	18 519	16 237

C.3 Oil company and equipment facility — R6.0m at 10.5%

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Opening balance	6 000	5 027	3 952	2 764	1 451
Interest charged	630	528	415	290	152
Capital repaid	973	1 075	1 188	1 313	1 451
Closing balance	5 027	3 952	2 764	1 451	—

C.4 Combined debt service and cover

R’000	Year 1	Year 2	Year 3	Year 4	Year 5
Total interest	3 510	3 408	3 100	2 757	2 375
Total capital repaid	973	2 700	3 007	3 350	3 733
Total debt service	4 483	6 107	6 107	6 107	6 107
Debt outstanding at year end	29 027	26 327	23 320	19 970	16 237
Less cash	(3 519)	(4 398)	(5 096)	(6 357)	(8 007)
Net debt	25 508	21 929	18 224	13 613	8 230
EBITDA	5 324	7 909	10 418	12 393	14 023
Debt service cover ratio	1.19x	1.29x	1.71x	2.03x	2.30x
Net debt to EBITDA	4.79x	2.77x	1.75x	1.10x	0.59x
Gearing	67.2%	62.2%	56.6%	49.2%	40.3%

Previous sectionB. Appendix B: Capital and Depreciation Schedules

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