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v3.24.3

Borrowings | 3 Months Ended
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Sep. 30, 2024
Borrowings [Abstract] |
Borrowings | Movement in short-term credit facilities (continued) Summarized below are the Company’s short-term facilities as of September 30, 2024, and the movement in the Company’s short- term facilities from as of June 30, 2024 to as of September 30, 2024: 8. Borrowings Refer to Note 12 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2024, for additional information regarding its borrowings. South Africa The amounts below have been translated at exchange rates applicable as of the dates specified. The 3-month Johannesburg Interbank Agreed Rate (“JIBAR”), the rate at which private sector banks borrow funds from the South African Reserve Bank, on September 30, 2024, was 8.35 %. The prime rate, the benchmark rate at which private sector banks lend to the public in South Africa, on September 30, 2024, was 11.50 %. RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings Long-term borrowings - Facility G and Facility H As of September 30, 2024, the Company had not utilized any of its ZAR 200 million Facility G revolving credit facility. The interest rate on this facility as of September 30, 2024, was JIBAR plus 4.75 %. Available short-term facility - Facility E As of September 30, 2024, the aggregate amount of the Company’s short-term South African overdraft facility with RMB was ZAR 0.9 billion ($ 52.4 million). As of September 30, 2024, the Company had not utilized this overdraft facility. This overdraft facility may only be used to fund ATMs and therefore the overdraft utilized and converted to cash to fund the Company’s ATMs is considered restricted cash. The interest rate on this facility is equal to the prime rate. 8. Borrowings (borrowings) (continued) South Africa (continued) RMB Bridge Facilities, comprising a short-term facility obtained in October 2024 On September 30, 2024, Lesaka SA entered into a Facility Letter (the "F2024 Facility Letter") with RMB to provided Lesaka SA a ZAR 665.0 million funding facility (the “Facility”). The Facility has been used by Lesaka SA to (i) settle an amount of ZAR 232.2 due under the Adumo transaction (refer to Note 20); (ii) pay Crossfin Holdings (RF) Proprietary Limited (“Crossfin”) ZAR 207.2 million under a share purchase agreement concluded between Lesaka SA and Crossfin Holdings ((refer also to Note 20)); (iii) pay an amount of ZAR 147.5 million notified by Investec Bank Limited to Adumo and Lesaka SA as a result of the transaction described in Note 20, and (iv) pay an origination fee of ZAR 7.6 million to RMB. The Facility also provides Lesaka with ZAR 70.0 million for transaction -related expenses. Interest on the Facility is calculated at the prime rate plus 1.80 %. The Facility is unsecured and required to be repaid in full on or before December 13, 2024. Connect Facilities, comprising long-term borrowings and a short-term facility As of September 30, 2024, the Connect Facilities include (i) an overdraft facility (general banking facility) of ZAR 170.0 million (of which ZAR 170.0 million ($ 9.9 million) has been utilized); (ii) Facility A of ZAR 700.0 million ($ 40.7 million); (iii) Facility B of ZAR 550.0 million ($ 32.0 million) (both fully utilized); and (iv) an asset-backed facility of ZAR 200.0 million ($ 11.6 million) (of which ZAR 138.1 million ($ 8.0 million) has been utilized). On October 29, 2024, the Company, through its wholly owned subsidiary Cash Connect Management Solutions (Pty) Ltd, entered into an addendum to a facility letter with RMB, to obtain a ZAR 100.0 million temporary increase in its overdraft facility for a period of approximately four months to specifically fund the purchase of prepaid airtime vouchers. This temporary increase is repayable in equal daily instalments which commenced at the end of October 2024 and end of February 15, 2025. CCC Revolving Credit Facility, comprising long-term borrowings As of September 30, 2024, the amount of the CCC Revolving Credit Facility was ZAR 300.0 million (of which ZAR 215.5 million has been utilized). Interest on the Revolving Credit Facility is payable on the last business day of each calendar month and is based on the South African prime rate in effect from time to time plus a margin of 0.95 % per annum. RMB facility, comprising indirect facilities As of September 30, 2024, the aggregate amount of the Company’s short-term South African indirect credit facility with RMB was ZAR 135.0 million ($ 7.1 million), which includes facilities for guarantees, letters of credit and forward exchange contracts. As of September 30, 2024 and June 30, 2024, the Company had utilized ZAR 33.1 million ($ 1.9 million) and ZAR 33.1 million ($ 1.8 million), respectively, of its indirect and derivative facilities of ZAR 135.0 million (June 30, 2024: ZAR 135.0 million) to enable the bank to issue guarantees, letters of credit and forward exchange contracts (refer to Note 19). Nedbank facility, comprising short-term facilities As of September 30, 2024, the aggregate amount of the Company’s short-term South African credit facility with Nedbank Limited was ZAR 156.6 million ($ 9.1 million). The credit facility represents indirect and derivative facilities of up to ZAR 156.6 million ($ 9.1 million), which include guarantees, letters of credit and forward exchange contracts. As of September 30, 2024 and June 30, 2024, the Company had utilized ZAR 2.1 million ($ 0.1 million) and ZAR 2.1 million ($ 0.1 million), respectively, of its indirect and derivative facilities of ZAR 156.6 million (June 30, 2024: ZAR 156.6 million) to enable the bank to issue guarantees, letters of credit and forward exchange contracts (refer to Note 19). 8. Borrowings (borrowings) (continued) South Africa (continued) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. RMB RMB RMB Nedbank Facility E Indirect Connect Facilities Total Short-term facilities available as of September 30, 2023 $ 52,384 $ 7,858 $ 9,895 $ 9,112 $ 79,249 Overdraft - - 9,895 - 9,895 Overdraft restricted as to use for ATM funding only 52,384 - - - 52,384 Indirect and derivative facilities - 7,858 - 9,112 16,970 Movement in utilized overdraft facilities: Restricted as to use for ATM funding only 6,737 - - - 6,737 No restrictions as to use - - 9,351 - 9,351 Balance as of June 30, 2024 6,737 - 9,351 - 16,088 Utilized 23,893 - - - 23,893 Repaid (31,028) - - - (31,028) Foreign currency adjustment (1) 398 - 544 - 942 Balance as of September 30, 2024 - - 9,895 - 9,895 Restricted as to use for ATM funding only - - - - - No restrictions as to use $ - $ - $ 9,895 $ - $ 9,895 Interest rate as of September 30, 2024 (%) (2) 11.50 - 11.40 - Movement in utilized indirect and derivative facilities: Balance as of June 30, 2024 $ - $ 1,821 $ - $ 116 $ 1,937 Foreign currency adjustment (1) - 106 - 7 113 Balance as of September 30, 2024 $ - $ 1,927 $ - $ 123 $ 2,050 Facilities G & H A&B CCC Asset backed Total Included in current $ - $ - $ - $ 3,878 $ 3,878 Included in long-term 56,151 66,815 11,841 4,501 139,308 Opening balance as of June 30, 2024 56,151 66,815 11,841 8,379 143,186 Facilities utilized - - 559 215 774 Facilities repaid (3,911) - (554) (1,007) (5,472) Non-refundable fees paid - - - - - Non-refundable fees amortized 44 12 13 - 69 Capitalized interest 1,845 - - - 1,845 Capitalized interest repaid (95) - - - (95) Foreign currency adjustment (1) 3,188 3,890 684 451 8,213 Closing balance as of September 30, 2024 57,222 70,717 12,543 8,038 148,520 Included in current - - - 3,841 3,841 Included in long-term 57,222 70,717 12,543 4,197 144,679 Unamortized fees (229) (176) (9) - (414) Due within 2 years 57,451 5,456 - 2,987 65,894 Due within 3 years - 8,367 12,552 836 21,755 Due within 4 years - 57,070 - 294 57,364 Due within 5 years $ - $ - $ - $ 80 $ 80 Interest rates as of September 30, 2024 (%): 13.10 12.10 12.45 12.25 Base rate (%) 8.35 8.35 11.50 11.50 Margin (%) 4.75 3.75 0.95 0.75 Footnote number (2) (3) (4) (5) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Interest on Facility G and Facility H is based on the JIBAR in effect from time to time plus a margin, which margin is calculated as: (i) 5.50 % if the Look Through Leverage (“LTL”) ratio is greater than 3.50x; (ii) 4.75 % if the LTL ratio is less than 3.50x but greater than 2.75x; (iii) 3.75 % if the LTL ratio is less than 2.75x but greater than 1.75x; or (iv) 2.50 % if the LTL ratio is less than 1.75x. The LTL ratio is expressed as times (“x”), and was introduced to calculate the margin used in the determination of the interest rate. The LTL ratio is calculated as the Total Attributable Net Debt to the Total Attributable EBITDA, as defined in the Company’s borrowing arrangements with RMB, for the measurement period ending on a specified date. (3) Interest on Facility A and Facility B is calculated based on JIBAR plus a margin, of 3.75 %, in effect from time to time. (4) Interest is charged at prime plus 0.95 % per annum on the utilized balance. (5) Interest is charged at prime plus 0.75 % per annum on the utilized balance. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the three months ended September 30, 2024 and 2023, was $ 4.2 million and $ 4.0 million, respectively. Prepaid facility fees amortized included in interest expense during the three months ended September 30, 2024 and 2023, respectively, were $ 0.1 million and $ 0.2 million, respectively. Interest expense incurred under the Company’s K2020 and CCC facilities relates to borrowings utilized to fund a portion of the Company’s merchant finance loans receivable and this interest expense of $ 0.4 million and $ 0.4 million, respectively, is included in the caption cost of goods sold, IT processing, servicing and support on the condensed consolidated statement of operations for the three months ended September 30, 2024 and 2023. (2) Facility E interest set at prime and the Connect facility at prime less 0.10 %. 8. Borrowings (continued) Movement in long-term borrowings Summarized below is the movement in the Company’s long-term borrowing from as of as of June 30, 2024 to as of September 30, 2024:

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