2021 loans raised relate mainly to the R23,1 billion (US$1,5 billion) bonds issued in March 2021.

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 R55,4 billion (US$3,6 billion) as well as repayment of term loans R5,4 billion (US$350 million).

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 2024^2,3,6	Corporate Centre (Sasol Financing International and Sasol Financing USA)	US dollar	SOFR+Credit Adj + 2%	—	7 788
Repayable June 2024^4,6	Corporate Centre (Sasol Financing USA)	US dollar	SOFR+Credit Adj + 2%	2 444	2 143
Repayable June 2024^4,6	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.

Included in this amount is the US$1 billion (R16 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.

In 2021 the variable interest rate debt relates to the US$3,8 billion (R54,2 billion) revolving credit facility.

During the year Sasol Financing International Limited, repaid R5 billion ($348 million) on the revolving credit facility.

The variable interest rate debt relates to the US$1,28 billion (R20,9 billion) term loan and US$150 million (R2,4 billion) revolving credit facility.

Included in this amount is the US$3,8 billion (R62 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.

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.)

16	Long-term debt continued

Total

Contract

Rand

Utilised

Available

amount

equivalent

facilities

30 June 2022

Expiry date

Currency

million

Banking facilities and debt arrangements

GROUP TREASURY FACILITIES

Commercial paper (uncommitted)¹

None

Rand

8 000

2 176

5 824

Commercial banking facilities

None

Rand

8 150

—

8 150

Revolving credit facility

June 2024

US dollar

150

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

—

US Dollar term loan

June 2024

US dollar

1 285

20 919

—

US Dollar Bond

March 2024

US dollar

1 500

24 420

—

US Dollar Bond

September 2026

US dollar

650

10 582

—

US Dollar Bond

September 2028

US dollar

750

12 210

—

US Dollar Bond

March 2031

US dollar

850

13 838

—

Other Sasol businesses

SPECIFIC PROJECT ASSET FINANCE

Energy — Clean Fuels II (Natref)

Various

Rand

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

Short-term portion of long-term debt

22 334

Bank overdraft

173

105 089

In August 2019, Sasol issued its inaugural paper to the value of R2 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.

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.

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.