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Long-term debt | 12 Months Ended
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Jun. 30, 2022
Long-term debt. |
Long-term debt | FUNDING ACTIVITIES AND FACILITIES
16 | Long-term debt
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​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
for the year ended 30 June | ​ | Rm | ​ | Rm
Total long-term debt |  | 104 834 |  | 102 643
Short-term portion |  | (22 334) |  | (5 506)
​ |  | 82 500 |  | 97 137
Analysis of long-term debt |  |  |  |
AT AMORTISED COST | ​ | ​ | ​ | ​
Secured debt |  | 67 |  | 108
Unsecured debt |  | 105 142 |  | 102 974
Unamortised loan costs |  | (375) |  | (439)
​ |  | 104 834 |  | 102 643
RECONCILIATION |  |  |  |
Balance at beginning of year |  | 102 643 |  | 167 197
Loans raised1 |  | 88 |  | 26 057
Loans repaid2 |  | (12 086) |  | (61 454)
Interest accrued |  | 936 |  | 305
Amortisation of loan costs |  | 132 |  | 160
Disposal of business | ​ | — | ​ | (2 673)
Transfer to disposal groups held for sale |  | — |  | (939)
Translation of foreign operations |  | 13 121 |  | (26 010)
Balance at end of year |  | 104 834 |  | 102 643
INTEREST-BEARING STATUS |  |  |  |
Interest-bearing debt |  | 104 834 |  | 102 643
MATURITY PROFILE |  |  |  |
Within one year |  | 22 334 |  | 5 506
One to five years |  | 55 936 |  | 64 495
More than five years |  | 26 564 |  | 32 642
​ |  | 104 834 |  | 102 643
| 1 | 2021 loans raised relate mainly to the R 23,1 billion (US$1,5 billion) bonds issued in March 2021.
| 2 | Current year relates mainly to repayments on the revolving credit facility (RCF); 2021 relates mainly to the repayments in the RCF in Sasol Financing International Limited of R 55,4 billion (US$3,6 billion) as well as repayment of term loans R 5,4 billion (US$350 million).
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16 | Long-term debt continued
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Interest rate at |  | 2022 |  | 2021
Terms of repayment |  | Business |  | Currency |  | 30 June 2022* | ​ | Rm | ​ | Rm
Unsecured debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Various repayment terms ending June 2026 | ​ | Various | ​ | Various | ​ | Various | ​ | 460 | ​ | 599
Various repayment terms |  | Fuels |  | Rand |  | Fixed 8% | ​ | 569 |  | 588
Repayable in August 2022 |  | Corporate Centre (Sasol Financing) |  | Rand |  | Variable 3 months Jibar + 1,3% | ​ | 2 193 |  | 2 191
Repayable November 2022¹ | ​ | Corporate Centre (Sasol Financing International) | ​ | US dollar | ​ | Fixed 4,5% | ​ | 16 375 | ​ | 14 359
Repayable in November 20242,3,6 |  | Corporate Centre (Sasol Financing International and Sasol Financing USA) |  | US dollar |  | SOFR+Credit Adj + 2% |  | — |  | 7 788
Repayable June 20244,6 | ​ | Corporate Centre (Sasol Financing USA) | ​ | US dollar | ​ | SOFR+Credit Adj + 2% | ​ | 2 444 | ​ | 2 143
Repayable June 20244,6 | ​ | Corporate Centre (Sasol Financing USA) | ​ | US dollar | ​ | SOFR+Credit Adj + 2% | ​ | 20 940 | ​ | 20 954
Various repayment terms from March 2024 to March 20315 |  | Corporate Centre (Sasol Financing USA) |  | US dollar |  | Fixed 4,4% to 6,5%) |  | 62 161 |  | 54 352
Total unsecured debt |  | ​ |  | ​ |  |  |  | 105 142 |  | 102 974
Secured debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 67 | ​ | 108
Unamortised loan costs (amortised over period of debt using the effective interest rate method) |  | ​ |  | ​ |  |  |  | (375) |  | (439)
​ |  | ​ |  | ​ | ​ | ​ | ​ | 104 834 | ​ | 102 643
Short-term portion of long-term debt |  | ​ |  | ​ |  |  |  | (22 334) |  | (5 506)
​ |  | ​ |  | ​ | ​ | ​ | ​ | 82 500 | ​ | 97 137
*Unless specified interest rate remained unchanged year-on-year.
| 1 | Included in this amount is the US$1 billion (R 16 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 (SFIL), 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, SFIL, by dividend or loan.
| 2 | In 2021 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 5 billion ($348 million) on the revolving credit facility.
| 4 | The variable interest rate debt relates to the US$1,28 billion (R 20,9 billion) term loan and US$150 million (R 2,4 billion) revolving credit facility.
| 5 | Included in this amount is the US$3,8 billion (R 62 billion) bonds 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 (SFUSA), 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, SFUSA, by dividend or loan.
| 6 | Effective 15 March 2022 contractual arrangements relating to the term loan and revolving credit facilities were amended to replace the US dollar LIBOR with the Secured Overnight Financing Rate (SOFR). (2021: Libor + 2% on the term loan and Variable Libor + 1,6% on the RCF.)
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16 | Long-term debt continued
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Contract | ​ | Rand | ​ | Utilised | ​ | Available | ​
​ | ​ | ​ | ​ | ​ | ​ | amount | ​ | equivalent | ​ | facilities | ​ | facilities | ​
30 June 2022 |  | 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 |  | 8 150 |  | 8 150 |  | — |  | 8 150 | ​
Revolving credit facility |  | June 2024 |  | US dollar |  | 150 |  | 2 442 |  | 2 442 |  | — | ​
Revolving credit facility2 |  | November 2024 |  | US dollar |  | 2 845 |  | 46 317 |  | — |  | 46 317 | ​
DEBT ARRANGEMENTS |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
US Dollar Bond | ​ | November 2022 | ​ | US dollar | ​ | 1 000 | ​ | 16 280 | ​ | 16 280 | ​ | — | ​
US Dollar term loan |  | June 2024 |  | US dollar |  | 1 285 |  | 20 919 |  | 20 919 |  | — | ​
US Dollar Bond |  | March 2024 |  | US dollar |  | 1 500 |  | 24 420 |  | 24 420 |  | — | ​
US Dollar Bond | ​ | September 2026 | ​ | US dollar | ​ | 650 | ​ | 10 582 | ​ | 10 582 | ​ | — | ​
US Dollar Bond |  | September 2028 |  | US dollar |  | 750 |  | 12 210 |  | 12 210 |  | — | ​
US Dollar Bond | ​ | March 2031 | ​ | US dollar | ​ | 850 | ​ | 13 838 | ​ | 13 838 | ​ | — | ​
Other Sasol businesses |  |  |  |  |  |  |  |  |  |  |  |  | ​
SPECIFIC PROJECT ASSET FINANCE |  |  |  |  |  |  |  |  |  |  |  |  | ​
Energy — Clean Fuels II (Natref) |  | Various |  | Rand |  | 875 |  | 875 |  | 875 |  | — | ​
DEBT ARRANGEMENTS |  |  |  |  |  |  |  |  |  |  |  |  | ​
Other debt arrangements |  | ​ |  | Various | ​ | — |  | — |  | 712 |  | — | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 104 454 |  | 60 291 | ​
Available cash excluding restricted cash |  | ​ |  |  |  |  |  |  |  |  |  | 40 405 | ​
Total funds available for use |  | ​ |  |  |  |  |  |  |  |  |  | 100 696 | ​
Total utilised facilities |  | ​ |  |  |  |  |  |  |  |  |  | 104 454 | ​
Accrued interest |  | ​ |  |  |  |  |  |  |  |  |  | 1 010 | ​
Unamortised loan cost |  | ​ |  |  |  |  |  |  |  |  |  | (375) | ​
Total debt including accrued interest and unamortised loan cost |  | ​ |  |  |  |  |  |  |  |  |  | 105 089 | ​
COMPRISING |  | ​ |  |  |  |  |  |  |  |  |  |  | ​
Long-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 82 500 | ​
Short-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 22 416 | ​
Short-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 82 | ​
Short-term portion of long-term debt |  | ​ |  |  |  |  |  |  |  |  |  | 22 334 | ​
Bank overdraft |  | ​ |  |  |  |  |  |  |  |  |  | 173 | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 105 089 | ​
| 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$2,549 billion by November 2022 and to US$2,075 billion by November 2023.
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16 | Long-term debt continued
Accounting policies: Debt, which constitutes a financial liability, includes short-term and long-term debt. Debt is initially recognised at fair value, net of transaction costs incurred and is subsequently stated at amortised cost. Debt is classified as short-term unless the borrowing entity has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Debt is derecognised when the obligation in the contract is discharged, cancelled or has expired. Premiums or discounts arising from the difference between the fair value of debt raised and the amount repayable at maturity date are charged to the income statement as finance expenses based on the effective interest rate method. A debt modification gain or loss is recognised immediately when a debt measured at amortised cost has been modified.

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