Short-Term Facilities

12 Months Ended

Jun. 30, 2015

12	.	SHORT-TERM FACILITIES

		South Africa

The Company's short-term South African credit facility with Nedbank Limited comprises an overdraft facility of up to ZAR 250 million and indirect and derivative facilities of up to ZAR 150 million, which include letters of guarantee, letters of credit and forward exchange contracts. As of June 30, 2015, the interest rate on the overdraft facility was 8.10%. On July 23, 2015, the interest rate on the overdraft facility was increased to 8.35% due to an increase in the South Africa repurchase rate by 0.25%. The Company has ceded its investment in Cash Paymaster Services Proprietary Limited ("CPS"), a wholly owned South African subsidiary, as security for its repayment obligations under the facility. A commitment fee of 0.35% per annum is payable on the monthly unutilized amount of the overdraft portion of the short-term facility. The Company is required to comply with customary non-financial covenants, including, without limitation, covenants that restrict its ability to dispose of or encumber its assets, incur additional indebtedness or engage in certain business combinations.

On July 30, 2015, the Company reduced the overdraft facility component of the Company's available aggregate facility with Nedbank from up to ZAR 250 million to up to ZAR 50 million, effective July 30, 2015. The aggregate amount of the facility remained at up to ZAR 400 million; however, the terms of the facility have been modified so that the aggregate amount now consists of (i) a primary amount of up to ZAR 200 million, which is immediately available, and (ii) a secondary amount of up to ZAR 200 million, which is not immediately available. The overdraft facility and the indirect and derivative facilities are both included within the primary amount.

As of each of June 30, 2015 and 2014, respectively, the Company had not utilized any of its ZAR 250.0 million ($20.3 million, translated at exchange rates applicable as of June 30, 2015) overdraft facility. As of June 30, 2015, the Company had utilized approximately ZAR 139.6 million ($11.4 million, translated at exchange rates applicable as of June 30, 2015) of its ZAR 150 million indirect and derivative facilities to obtain foreign exchange contracts from the bank and to enable the bank to issue guarantees, including stand-by letters of credit, in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 24). As of June 30, 2014, the Company had utilized approximately ZAR 139.0 million ($13.1 million, translated at exchange rates applicable as of June 30, 2014) of its indirect and derivative facilities.

South Korea

The Company obtained a KRW 10 billion short-term overdraft facility from Hana Bank, a South Korean bank, in January 2014. The facility expired in January 2015 and was renewed for one year and now expires in January 2016. As of June 30, 2015, the interest rate on the overdraft facility was 3.60%. The Company has ceded the warehouse it owns in South Korea as security for its repayment obligations under the facility. As of each of June 30, 2015 and 2014, respectively, the Company had not utilized any of its KRW 10.0 billion ($8.9 million, translated at exchange rates applicable as of June 30, 2015) overdraft facility.