Sireletso Protective Group Business Plan — Appendix C: Debt Schedules
Facility-by-facility drawdown, interest and amortisation schedules across the senior term loan and discounting facility.
Appendix C: Debt Schedules
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- Overview & contents
- i. Important Notice
- 1. Executive Summary
- 2. Transaction and Funding Summary
- 3. Business Overview
- 4. Market Analysis
- 5. SWOT and Competitive Position
- 6. Service Offering and Revenue Model
- 7. Operations
- 8. Regulatory and Compliance Framework
- 9. Business Development and Client Acquisition
- 10. Management and Organisation
- 11. Financial Projections
- 12. Working Capital: The Central Finding
- 13. Funding Structure and Debt Service
- 14. Break-Even
- 15. Sensitivity and Scenarios
- 16. Risk Management
- 17. Implementation Roadmap
- 18. Investment Returns
- 19. Key Performance Indicators
- 20. Key Assumptions
- 21. Conclusion
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Application and Sources of Funds
- C. Appendix C: Debt Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- C.1 Senior term loan
- C.2 Invoice discounting facility
- C.3 Combined debt service and coverage
C.1 Senior term loan
R14 608’000 at 13.75 per cent over 84 months, with an 18-month capital moratorium during which interest is serviced, followed by 66 equal monthly instalments of R316 682.
|
R million |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Opening balance |
14.61 |
14.61 |
13.69 |
11.64 |
9.30 |
|
Interest at 13.75% |
2.01 |
1.98 |
1.76 |
1.46 |
1.11 |
|
Capital repaid |
— (moratorium) |
0.92 |
2.04 |
2.34 |
2.69 |
|
Closing balance |
14.61 |
13.69 |
11.64 |
9.30 |
6.61 |
C.2 Invoice discounting facility
|
R million |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Eligible trade debtors |
5.79 |
11.14 |
13.75 |
16.10 |
18.20 |
|
Drawn at 65% advance |
3.76 |
7.24 |
8.94 |
10.46 |
11.83 |
|
Movement in the year |
3.76 |
3.48 |
1.70 |
1.52 |
1.37 |
|
Interest at 15.0% |
0.28 |
0.83 |
1.21 |
1.46 |
1.67 |
|
Undrawn against the R12.00m limit |
8.24 |
4.76 |
3.06 |
1.54 |
0.17 |
|
Utilisation of limit |
31.3% |
60.3% |
74.5% |
87.2% |
98.6% |
C.3 Combined debt service and coverage
|
R million |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Term loan interest |
2.01 |
1.98 |
1.76 |
1.46 |
1.11 |
|
Debtor facility interest |
0.28 |
0.83 |
1.21 |
1.46 |
1.67 |
|
Total finance cost |
2.29 |
2.81 |
2.97 |
2.92 |
2.78 |
|
Term loan capital |
0.00 |
0.92 |
2.04 |
2.34 |
2.69 |
|
Total term debt service |
2.01 |
2.90 |
3.80 |
3.80 |
3.80 |
|
Total finance cost plus capital |
2.29 |
3.73 |
5.01 |
5.26 |
5.47 |
|
EBITDA |
(1.40) |
6.22 |
9.14 |
11.81 |
14.11 |
|
Term debt service coverage |
n/m |
2.14x |
2.41x |
3.11x |
3.71x |
|
Coverage on total finance cost |
n/m |
1.67x |
1.82x |
2.25x |
2.58x |
|
Covenant |
1.30x |
1.30x |
1.30x |
1.30x |
1.30x |
|
Total debt outstanding |
18.37 |
20.93 |
20.58 |
19.76 |
18.44 |