Investor Presentaiton
Perpetual bond
Optimising our balance sheet
1
Massmart repaid $125m
(~R2bn) of the existing
Walmart Loan. This loan
was classified as debt.
Terms:
Tenure
Perpetual
Value
R2bn
Interest
7.25% with an interest
step up of 225bps on
31 December 2023
Walmart continued to demonstrate
strong levels of support for Massmart.
Replaced US$125m existing loan -
subscribed to a perpetual fixed rate
unsecured note
• Treated as equity - Massmart Holdings
Limited has no contractual obligation to
deliver cash or any other financial asset(s)
in any circumstances outside its control
• Remaining US$117m Walmart loan:
6-month tenure, can be extended at the
end of each tenure period
2
Walmart subscribed for
the R2bn Massmart
perpetual bond. The bond
is classified as equity.
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