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Long-term debt (Tables) | 12 Months Ended
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Jun. 30, 2021
Long-term debt. |
Schedule of long-term debt | ​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
for the year ended 30 June | ​ | Rm | ​ | Rm
Total long-term debt |  | 102 643 |  | 167 197
Short-term portion |  | (5 506) |  | (19 686)
​ |  | 97 137 |  | 147 511
Analysis of long-term debt At amortised cost |  |  |  |
Secured debt1 |  | 108 |  | 4 608
Unsecured debt2 |  | 102 974 |  | 163 216
Unamortised loan costs |  | (439) |  | (627)
​ |  | 102 643 |  | 167 197
Reconciliation |  |  |  |
Balance at beginning of year |  | 167 197 |  | 129 569
Transfer of operating lease straight-lining under IAS 17 on initial application of IFRS 16 |  | — |  | (1 027)
Adjusted amount |  | 167 197 |  | 128 542
Loans raised3 |  | 26 057 |  | 36 487
Loans repaid2 |  | (61 454) |  | (28 335)
Modification loss4 |  | — |  | 1 193
Interest accrued |  | 305 |  | 1 003
Amortisation of loan costs |  | 160 |  | 135
Disposal of business5 | ​ | (2 673) | ​ | —
Transfer to disposal groups held for sale1 |  | (939) |  | (1 551)
Translation of foreign operations |  | (26 010) |  | 29 723
Balance at end of year |  | 102 643 |  | 167 197
Interest-bearing status |  |  |  | ​
Interest-bearing debt |  | 102 643 |  | 167 197
Maturity profile |  |  |  | ​
Within one year |  | 5 506 |  | 19 686
One to five years |  | 64 495 |  | 133 179
More than five years |  | 32 642 |  | 14 332
​ |  | 102 643 |  | 167 197
| 1 | Reduction in secured debt is mainly due to the disposal of Sasol's 50% interest in Gemini HDPE LLC and the transfer of CTRG debt to liabilities held for sale at 30 June 2021. Refer note 12.
| 2 | Decrease relates mainly to the repayments on the revolving credit facility (RCF) in Sasol Financing International Limited of R 55,4 billion ($3,6 billion) (2020: R 23,5 billion, US$1,5 billion) as well as repayment of term loans R 5,4 billion (US$350 million).
| 3 | Loans raised relate mainly to the R 23,1 billion (US$1,5 billion) bonds issued in March 2021.
| 4 | 2020 relates to the loan covenant amendment. Refer to page 53.
| 5 | Relates to the disposal of Sasol's 50% interest in Gemini HDPE LLC.
17 | Long-term debt continued
In terms of Sasol Limited’s memorandum of incorporation, the group’s borrowing powers are limited to twice the sum of its share capital and reserves (2021 — R305 billion; 2020 — R309 billion).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Interest rate at |  | 2021 |  | 2020
Terms of repayment |  | Security |  | Business |  | Currency | ​ | 30 June 2021* | ​ | Rm | ​ | Rm
Secured debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Repayable in quarterly instalments ending August 2024** | ​ | Secured by property, plant and equipment (2020 carrying value — R4 999 million) | ​ | Chemicals North America | ​ | US dollar | ​ | ​ | ​ | — | ​ | 3 209
Repayable in bi-annual instalments ending 31 August 2030*** |  | Secured by shares, property, plant and equipment(2020 carrying value - R1 821 million) |  | Gas (CTRG) |  | US dollar |  | ​ | ​ | — |  | 1 226
​ |  | ​ |  | Various |  | Various |  | Various |  | 108 | ​ | 173
​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 108 | ​ | 4 608
| * | Unless specified interest rate remained unchanged year-on-year.
| ** | Relates to Sasol's portion of the Gemini HDPE LLC debt. Sasol disposed of its interest in this entity in the current year.
| *** | The Central Termica De Ressane Garcia S.A. (CTRG) debt was transferred to disposal groups held for sale at 30 June 2021.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Interest rate at |  | 2021 |  | 2020
Terms of repayment |  | Business |  | Currency |  | 30 June 2021* | ​ | Rm | ​ | Rm
Unsecured debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Various repayment terms ending June 2026 | ​ | Various | ​ | Various | ​ | Various | ​ | 599 | ​ | 949
Various repayment terms |  | Fuels |  | Rand |  | Fixed 8% | ​ | 588 |  | 659
Repayable in August 2022 |  | Corporate Centre (Sasol Financing) |  | Rand |  | Variable 3 months Jibar + 1,3% | ​ | 2 191 |  | 2 197
Repayable November 2022¹ | ​ | Corporate Centre (Sasol Financing International) | ​ | US dollar | ​ | Fixed 4,5% | ​ | 14 359 | ​ | 17 428
Repayable in November 20242,3 |  | Corporate Centre (Sasol Financing International and Sasol Financing USA) |  | US dollar |  | Libor + 1,60% |  | 7 788 |  | 68 109
Repayable June 2024⁴ | ​ | Corporate Centre (Sasol Financing USA) | ​ | US dollar | ​ | Variable Libor + 1,60% | ​ | 2 143 | ​ | 2 601
Repayable June 2024⁴ | ​ | Corporate Centre (Sasol Financing USA) | ​ | US dollar | ​ | Variable Libor + 2,00% | ​ | 20 954 | ​ | 28 997
Various repayment terms from March 2024 to March 20315 |  | Corporate Centre (Sasol Financing USA) |  | US dollar |  | Fixed 4,4% to 6,5% (2020 - Fixed 5,8% to 6,5%) |  | 54 352 |  | 39 603
Repayable in November 20246 | ​ | Corporate Centre (Sasol Financing USA) | ​ | US dollar | ​ | 2020 - Libor 2,90% | ​ | - | ​ | 2 673
Total unsecured debt |  | ​ |  | ​ |  |  |  | 102 974 |  | 163 216
Total long-term debt |  | ​ |  | ​ |  |  |  | 103 082 |  | 167 824
Unamortised loan costs (amortised over period of debt using the effective interest rate method) |  | ​ |  | ​ |  |  |  | (439) |  | (627)
​ |  | ​ |  | ​ | ​ | ​ | ​ | 102 643 | ​ | 167 197
Short-term portion of long-term debt |  | ​ |  | ​ |  |  |  | (5 506) |  | (19 686)
​ |  | ​ |  | ​ | ​ | ​ | ​ | 97 137 | ​ | 147 511
​ *Unless specified interest rate remained unchanged year-on-year.
| 1 | Included in this amount is the US$1 billion (R 14 billion) bond, with a fixed interest rate of 4,5% which is listed on the New York Stock Exchange and is recognised in Sasol Financing International Limited, a 100% owned subsidiary of the group. Sasol Limited has fully and unconditionally guaranteed the bond. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary by dividend or loan.
| 2 | The variable interest rate debt relates to the US$3,8 billion (R 54,2 billion) revolving credit facility.
| 3 | During the year Sasol Financing International Limited, repaid R 55 billion ($3,6 billion) on the revolving credit facility.
17 | Long-term debt continued
| 4 | The variable interest rate debt relates to the US$1,45 billion (R 20,7 billion) term loan and US$150 million (R 2,1 billion) revolving credit facility.
| 5 | Included in this amount is the US$2,25 billion (R 32,1 billion) bonds with additional $1,5 billion (R 21,4 billion) issued during the year, with fixed interest rates of between 4,38% and 6,5% which are listed on the New York Stock Exchange and is recognised in Sasol Financing USA LLC, a 100% owned subsidiary of the group. Sasol Limited has fully and unconditionally guaranteed the bonds. There are no restrictions on the ability of Sasol Limited to obtain funds from the finance subsidiary by dividend or loan.
| 6 | Repaid during the year.
Schedule of liquidity available from borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Contract | ​ | Rand | ​ | Utilised | ​ | Available | ​
​ | ​ | ​ | ​ | ​ | ​ | amount | ​ | equivalent | ​ | facilities | ​ | facilities | ​
30 June 2021 |  | Expiry date |  | Currency |  | million |  | Rm |  | Rm |  | Rm | ​
Banking facilities and debt arrangements | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Group treasury facilities |  |  |  |  |  |  |  |  |  |  |  |  | ​
Commercial paper (uncommitted)1 |  | None |  | Rand |  | 8 000 |  | 8 000 |  | 2 176 |  | 5 824 | ​
Commercial banking facilities |  | None |  | Rand |  | 8 500 |  | 8 500 |  | — |  | 8 500 | ​
Revolving credit facility2 |  | November 2024 |  | US dollar |  | 3 367 |  | 48 064 |  | 7 737 |  | 40 327 | ​
Revolving credit facility |  | June 2024 |  | US dollar |  | 150 |  | 2 141 |  | 2 141 |  | — | ​
Debt arrangements |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
US Dollar Bond | ​ | November 2022 | ​ | US dollar | ​ | 1 000 | ​ | 14 275 | ​ | 14 275 | ​ | — | ​
US Dollar Bond |  | March 2024 |  | US dollar |  | 1 500 |  | 21 413 |  | 21 413 |  | — | ​
US Dollar Bond |  | September 2028 |  | US dollar |  | 750 |  | 10 706 |  | 10 706 |  | — | ​
US Dollar Bond | ​ | March 2026 | ​ | US dollar | ​ | 650 | ​ | 9 279 | ​ | 9 279 | ​ | — | ​
US Dollar Bond | ​ | September 2031 | ​ | US dollar | ​ | 850 | ​ | 12 134 | ​ | 12 134 | ​ | — | ​
US Dollar term loan |  | June 2024 |  | US dollar |  | 1 450 |  | 20 699 |  | 20 699 |  | — | ​
Other Sasol businesses |  |  |  |  |  |  |  |  |  |  |  |  | ​
Specific project asset finance |  |  |  |  |  |  |  |  |  |  |  |  | ​
Energy — Clean Fuels II (Natref) |  | Various |  | Rand |  | 993 |  | 993 |  | 993 |  | — | ​
Debt arrangements |  |  |  |  |  |  |  |  |  |  |  |  | ​
Other debt arrangements |  | ​ |  | Various | ​ | — |  | — |  | 742 |  | — | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 102 295 |  | 54 651 | ​
Available cash excluding restricted cash |  | ​ |  |  |  |  |  |  |  |  |  | 29 224 | ​
Total funds available for use |  | ​ |  |  |  |  |  |  |  |  |  | 83 875 | ​
Total utilised facilities |  | ​ |  |  |  |  |  |  |  |  |  | 102 295 | ​
Accrued interest |  | ​ |  |  |  |  |  |  |  |  |  | 1 090 | ​
Unamortised loan cost |  | ​ |  |  |  |  |  |  |  |  |  | (439) | ​
Total debt including accrued interest and unamortised loan cost |  | ​ |  |  |  |  |  |  |  |  |  | 102 946 | ​
Comprising |  | ​ |  |  |  |  |  |  |  |  |  |  | ​
Long-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 97 137 | ​
Short-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 5 566 | ​
Short-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 60 | ​
Short-term portion of long-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 5 506 | ​
Bank overdraft |  | ​ |  |  |  |  |  |  |  |  |  | 243 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 102 946 | ​
​ ​
17 | Long-term debt continued
| 1 | In August 2019, Sasol issued its inaugural paper to the value of R 2 176 million in the local debt market under the current Domestic Medium Term Note (DMTN) programme, at 130 basis points above 3 month Jibar, repayable in August 2022.
| 2 | The RCF is available until November 2024, with total availability reducing to US$3,495 billion by November 2022 and to US$2,845 billion by November 2023.

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