Investor Presentaiton
New Debt Facility: Key terms
Structure
RETAIL
FOOD
GROUP
Lender
Process and conditions
precedent
Notional Amount
Term
Interest rate
Fees
Covenants
Timeframe to completion
Security
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Washington H. Soul Pattinson Limited (ASX:SOL).
WHSP continues to be a supportive shareholder of RFG and is participating in the Placement. WHSP had a 7.9%
shareholding in the Company prior to the Transaction. Following its participation in the Placement, WHSP has retained a
7.9% shareholding in the Company.
RFG undertook a market sounding process with potential debt providers. Following this, the Board chose to proceed with
WHSP.
A binding term sheet has been executed by WHSP and RFG. Drawdown of the New Debt Facility remains subject to
negotiation and execution of full form facility documentation and satisfaction of customary conditions precedent to drawing
for a facility of this nature, and the completion of the Placement utilising RFG's remaining placement capacity under ASX
Listing Rule 7.1.
$20.0 million
Full draw down to occur on completion. To occur no later than 28 April 2023, at which time the available commitment shall
be cancelled in full.
3 year term loan (on arm's length commercial terms).
Margin: 7.5% for the first 6 months. 7.5% to 6.5% based on net leverage ratio thereafter.
Establishment fee: $600,000
Costs and expenses of the lender: $250,000
Quarterly testing of:
Net leverage ratio.
Interest coverage ratio.
c.4 weeks
First ranking security over all Group assets, subsidiaries, and undertakings. Cross guarantees also required.View entire presentation