MiX Telematics Ltd: debt financing — MiX Telematics secures R350M committed credit facility from FirstRand Bank

MiX Telematics Ltd

Facility of R350M (ZAR) with 365-day availability from FirstRand Bank at prime minus 0.75%.
Facility is senior, secured, and ranks pari passu with other senior debt; repayable by earlier of availability end or April 2, 2025.
Credit agreement supports MiX's pending acquisition by PowerFleet (previously disclosed); guaranteed by PowerFleet and its subsidiaries.
Monthly commitment fee on unused portion: 85bps (0-40% util.), 65bps (40-80%), 45bps (>80%).
Obligations secured by first-priority security over PowerFleet subsidiaries' share capital.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MiX Telematics Ltd incurred credit facility of R350,000,000 with FirstRand Bank Limited at South African prime rate minus 0.75% per annum maturing the earlier of the end of the Availability Period or April 2, 2025.

Instrument: credit facility
Principal: R350,000,000
Counterparty: FirstRand Bank Limited
Rate: South African prime rate minus 0.75% per annum
Maturity: the earlier of the end of the Availability Period or April 2, 2025
Event: incurrence

Exact text from the filing

on March 14, 2024, the Company entered into a Facility Letter and Standard Terms and Conditions (collectively, the “Credit Agreement”) with FirstRand Bank Limited (the “Bank”) as lender, pursuant to which the Bank agreed to provide the Company with a 365-day committed general credit facility of R350,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MiX Telematics Ltd entered into Credit Agreement with FirstRand Bank Limited valued at R350,000,000 (effective 2024-03-14).

Action: entry
Agreement: credit facility
Counterparty: FirstRand Bank Limited
Value: R350,000,000
Effective: 2024-03-14

Exact text from the filing

on March 14, 2024, the Company entered into a Facility Letter and Standard Terms and Conditions (collectively, the “Credit Agreement”) with FirstRand Bank Limited (the “Bank”) as lender, pursuant to which the Bank agreed to provide the Company with a 365-day committed general credit facility of R350,000,000 (the “Committed Facility”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-24-036769

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