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Borrowings | 12 Months Ended
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Jun. 30, 2019
Financial Instruments [Abstract] |
Borrowings | BORROWINGS SUMMARY OF FACILITIES' TERMS
| Commenced | Tenor (Years) | Matures | Secured | Security | Interest payment basis | Interest charge | Repayment term | Repaid
R1 billion revolving credit facility | February 2017 | Three | February 2020 | Yes | Cession and pledge of operating subsidiaries' shares and claims | Variable | JIBAR + 3.15% | On maturity | November 2018
R2 billion facility | November 2018 | Four | November 2022 | Yes | Cession and pledge of operating subsidiaries' shares and claims | Variable |  |  |
- R600 million term loan |  |  |  |  |  |  | JIBAR + 2.9% | Eight equal quarterly instalments with the final instalment on maturity |
- R1.4 billion revolving credit facility |  |  |  |  |  |  | JIBAR + 2.8% | On maturity |
US$350 million facility | July 2017 | Three | July 2020 | Yes | Cession and pledge of operating subsidiaries' shares and claims | Variable |  | On maturity |
- US$175 million revolving credit facility |  |  |  |  |  |  | LIBOR + 3.0% |  |
- US$175 million term loan |  |  |  |  |  |  | LIBOR + 3.15% |  |
US$200 million bridge loan | October 2017 | One | October 2018 | Yes | Cession and pledge of operating subsidiaries' shares and claims | Variable |  | On maturity | July 2018
|  |  |  |  |  | First 6 months | LIBOR + 2.5% |  |
|  |  |  |  |  | Next 3 months | LIBOR + 3.0% |  |
|  |  |  |  |  | Last 3 months | LIBOR + 3.5% |  |
US$24 million Westpac loan | July 2018 | Four | July 2022 | Yes | Cession and pledge of vehicles and machinery | Variable | LIBOR + 3.2% | Quarterly instalments |
BORROWINGS continued DEBT COVENANTS The debt covenant tests for both the rand and US dollar facilities are as follows:
• | The group's interest cover ratio shall be more than five (EBITDA 1/ Total interest paid);
• | Tangible Net Worth 2 to total net debt ratio shall not be less than four times or six times when dividends are paid;
• | Leverage 3 shall not be more than 2.5 times.
1 Earnings before interest, taxes, depreciation and amortisation (EBITDA) as defined in the agreement excludes unusual items such as impairment and restructuring cost. 2 Tangible Net Worth is defined as total equity less intangible assets. 3 Leverage is defined as total net debt to EBITDA. At the time of entering into the bridge loan the Tangible Net Worth to total net debt ratio covenant was renegotiated and relaxed from six times to four times for the full term of the bridge loan. With the refinancing of the rand facility in November 2018, the ratio was set at 4.5 times and subsequently set at four times or from eight to six times if dividends are paid at the start of the US$ facility refinancing process in May 2019 (refer to note 36). No breaches of the covenants were identified during the tests in the 2018 and 2019 financial years. INTEREST BEARING BORROWINGS
| SA rand
Figures in million | 2019 |  | 2018 |
Non-current borrowings |  |
R1 billion revolving credit facility | — |  | 497 |
Balance at beginning of year | 497 |  | 299 |
Draw down | 500 |  | 500 |
Repayments | — |  | (300 | )
Refinancing | (997 | ) | — |
Issue cost | — |  | (2 | )
R2 billion facility | 1 489 |  | — |
Refinancing | 1 000 |  | — |
Draw down | 700 |  | — |
Repayments | (200 | ) | — |
Issue cost | (16 | ) | — |
Amortisation of issue cost | 5 |  | — |
Westpac fleet loan | 194 |  | — |
Draw down | 322 |  | — |
Repayments | (64 | ) | — |
Transferred to current liabilities | (89 | ) | — |
Translation | 25 |  | — |
US$350 million facility | 4 143 |  | 4 427 |
Balance at beginning of year | 4 427 |  | — |
Draw down | — |  | 4 127 |
Repayments | (422 | ) | — |
Issue cost | — |  | (94 | )
Amortisation of issue costs | 44 |  | 33 |
Translation | 94 |  | 361 |
Total non-current borrowings | 5 826 |  | 4 924 |
29 | BORROWINGS continued
INTEREST BEARING BORROWINGS continued
| SA rand
Figures in million | 2019 |  | 2018 |
Current borrowings |  |
R1 billion revolving credit facility | — |  | 3 |
Balance at beginning of year | 3 |  | 3 |
Refinancing | (3 | ) | — |
US$250 million revolving credit facility | — |  | — |
Balance at beginning of year | — |  | 1 831 |
Repayments | — |  | (1 847 | )
Amortisation of issue costs | — |  | 4 |
Translation | — |  | 12 |
Westpac fleet loan | 89 |  | — |
Transferred from non-current liabilities | 89 |  | — |
US$200 million bridge loan | — |  | 687 |
Balance at beginning of year | 687 |  | — |
Draw down | — |  | 2 310 |
Repayments | (667 | ) | (1 916 | )
Issue cost | — |  | (3 | )
Translation | (20 | ) | 296 |
Total current borrowings | 89 |  | 690 |
Total interest-bearing borrowings | 5 915 |  | 5 614 |
| SA rand
Figures in million | 2019 |  | 2018 |
The maturity of borrowings is as follows: |  |
Current | 89 |  | 702 |
Between one to two years | 4 232 |  | 497 |
Between two to four years | 1 594 |  | 4 415 |
| 5 915 |  | 5 614 |
| SA rand
Figures in million | 2019 |  | 2018 |
Undrawn committed borrowing facilities: |  |
Expiring within one year | — |  | — |
Expiring after one year | 1 277 |  | 845 |
| 1 277 |  | 845 |
29 | BORROWINGS continued
EFFECTIVE INTEREST RATES
| 2019 | 2018
| % | %
R1 billion revolving credit facility | 10.1 | 10.2
R2 billion facility | 10.0 | —
Westpac fleet loan | 5.5 | —
US$250 million revolving credit facility | — | 4.2
US$350 million facility | 5.6 | 4.8
US$200 million bridge loan | 5.1 | 4.5

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2018-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_10_e&doctype=Standard -URIDate 2018-03-16 + Details
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