Long-term debt (Tables)

12 Months Ended

Jun. 30, 2023


	2023	2022
for the year ended 30 June	Rm	Rm
Total long-term debt	124 068	104 834
Short-term portion	(29 764)	(22 334)
	94 304	82 500
Analysis of long-term debt
At amortised cost
Secured debt	29	67
Unsecured debt	124 742	105 142
Unamortised loan costs	(703)	(375)
	124 068	104 834
Reconciliation
Balance at beginning of year	104 834	102 643
Loans raised¹	92 946	88
Loans repaid²	(91 564)	(12 086)
Interest accrued	1 673	936
Amortisation of loan costs	212	132
Amortisation of loan modification	(194)	—
Translation of foreign operations	16 161	13 121
Balance at end of year	124 068	104 834
Interest-bearing status
Interest-bearing debt	124 068	104 834
Maturity profile
Within one year	29 764	22 334
One to five years	44 732	55 936
More than five years	49 572	26 564
	124 068	104 834

Relates mainly to the drawdown on the previous revolving credit facility (RCF) of R26,7 billion (US$1,5 billion), R2,1 billion raised under the new Domestic Medium Term Note (DMTN) programme, the issue of a R13,2 billion (US$750 million) convertible bond, R35,5 billion (US$2 billion) drawdown on the new RCF and term loan and R17,8 billion (US$1 billion) bonds issued in May 2023. R11,1 billion proceeds from the convertible bond is included in long-term debt and R2,1 billion is included in long-term financial liabilities. Refer to note 37.

Current year relates mainly to the repayment of the previous RCF and term loan of R53,9 billion (US$3,0 billion), repayment of R2,2 billion on the previous DMTN, repayment of R17,8 billion on the US$1 billion bond, as well as repayment of R17,8 billion (US$1 billion) on the new RCF. 2022 relates mainly to repayments on the previous RCF.

Schedule of liquidity available from borrowings

2023

2022

Total

Interest

Contract

Rand

Available

Utilised

Utilised

rate

amount

equivalent

facilities

facilities

for the year ended 30 June

Expiry date

Currency

million

Banking facilities and debt arrangements

Group treasury facilities

Commercial paper (uncommitted)

None

Rand

3 months
Jibar + 1,3%

—

2 176

Commercial paper (uncommitted)¹

None

Rand

3 months
Jibar + 1,44% /
1,59%

15 000

12 934

2 066

—

Commercial banking facilities

None

Rand

8 150

—

Revolving credit facility

June 2024

US dollar

SOFR+ Credit
Adj +2%

—

2 442

Revolving credit facility²

April 2028

US dollar

SOFR+ Credit
Adj +1.6%

1 987

37 415

—

Debt arrangements

US Dollar Bond

November 2022

US dollar

4,50%

—

16 280

US Dollar Bond³

March 2024

US dollar

5,88%

1 500

28 245

—

28 245

24 420

US Dollar term loan

June 2024

US dollar

SOFR+ Credit
Adj +2%

—

20 919

US Dollar Bond³

September 2026

US dollar

4,38%

650

12 240

—

12 240

10 582

US Dollar Convertible Bond⁴

November 2027

US dollar

4,50%

750

14 123

—

14 123

—

US Dollar term loan²

April 2028

US dollar

SOFR+ Credit
Adj +1.8%

982

18 499

—

18 499

—

US Dollar Bond³

September 2028

US dollar

6,50%

750

14 123

—

14 123

12 210

US Dollar Bond⁵

May 2029

US dollar

8,75%

1 000

18 830

—

18 830

—

US Dollar Bond³

March 2031

US dollar

5,50%

850

16 006

—

16 006

13 838

Other Sasol businesses

Specific project asset finance

Energy — Clean Fuels II (Natref)

Various

Rand

Various

901

—

901

875

Debt arrangements

Other debt arrangements

Various

—

472

712

58 499

125 505

104 454

Available cash excluding restricted cash

51 055

Total funds available for use

109 554

Accrued interest

1 673

1 010

Unamortised loan cost

(703)

(375)

Cumulative fair value gains on convertible bond embedded derivative financial liability

(867)

—

Total debt including accrued interest and unamortised loan cost

125 608

105 089

Comprising

Long-term debt

94 304

82 500

Short-term debt

29 843

22 416

Short-term debt

Short-term portion of long-term debt

29 764

22 334

Bank overdraft

159

173

Convertible bond derivative financial liability

1 302

—

125 608

105 089

*Interest rate only available when funds are utilised.

In October 2022 Sasol issued its paper to the value of R2 066 million in the local debt market under the R15 billion DMTN programme. The previous DMTN has been fully repaid.

In April 2023 Sasol Financing International Limited and Sasol Financing USA LLC obtained a RCF of US$1 987 million and a term loan of US$982 million respectively.

Included in this amount is the US$3,8 billion (R70,6 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.

In November 2022, Sasol launched and priced an offering of US$750 million guaranteed senior unsecured convertible bonds due in 2027. The proceeds from the convertible bond were used primarily to repay a portion of the US$ term loan. The convertible bonds, subject to the receipt of the requisite approvals at a general meeting of the shareholders of Sasol, are convertible into ordinary shares of Sasol at the election of the holders if the Sasol share price appreciates above a specified conversion price (representing a conversion premium of 30%) ahead of the maturity of the bond. The convertible bonds can be settled in cash at the election of Sasol.

In May 2023, Sasol launched and priced a US$1 billion (R18,8 billion) bond, with a fixed interest rate of 8,75%, due in 2029. The bond is recognised in SFUSA. 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.