LESAKA TECHNOLOGIES INCLSAK
LESAKA TECHNOLOGIES INC Debt Disclosure
12. BORROWINGS
Reference rate reform
After the transition away from certain interbank offered rates in foreign jurisdictions (“IBOR reform”), the reforms to South
Africa’s reference interest rate are now accelerating rapidly. The Johannesburg Interbank Average Rate (“JIBAR”) will be replaced
by the new South African Overnight Index Average (“ZARONIA”). Certain of the Company’s borrowings reference JIBAR as a base
interest rate. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial
banks. There is uncertainty surrounding the timing and manner in which the transition would occur and how this would affect our
borrowings. The Company is in regular contact with its lenders and will update existing borrowing agreements to the new base rate
when ZARONIA is adopted by the financial industry and lenders as the new reference rate.
South Africa
The amounts below have been translated at exchange rates applicable as of the dates specified. The JIBAR, an average of 3-
month negotiable certificates of deposit (“NCD”) rates, on June 30, 2025, was
7.29
%. The prime rate, the benchmark rate at which
private sector banks lend to the public in South Africa, on June 30, 2025, was
10.75
%, and reduced to
10.50
% on July 31, 2025,
following a
0.25
% reduction in the South African repo rate, the rate at which the SARB lends money to commercial banks.
Facilities obtained in February 2025
Lesaka SA has obtained four loan facilities from FirstRand Bank Limited (acting through its Rand Merchant Bank division)
(“RMB”), FirstRand Bank Limited (acting through its WesBank division) (“WesBank”), FirstRand Bank Limited being a South
African corporate and investment bank, Investec Bank Limited (acting through its Investment Banking division: Corporate Solutions)
(“Investec” and together with RMB and WesBank, the “Lenders”). These comprise a term loan of up to ZAR
2.2
121.4
million) (“Facility A”), an amortizing loan of ZAR
1.0
56.3
up to ZAR
2.2
121.4
700.9
39.5
million) (the “GBF”, and collectively with Facility A, Facility B and Senior RCF, the “Facilities”), which are described in more detail
below.
The Company, Lesaka SA and the majority of Lesaka SA’s directly and indirectly wholly-owned subsidiaries have agreed to
guarantee the obligations of Lesaka SA and of the other borrowers under the Facilities to the Lenders.
The Common Terms Agreement (“CTA ”) governing the above contains customary covenants which include a requirement for
Lesaka SA to maintain specified Net Debt to EBITDA and Interest Cover Ratios (as defined in the CTA) and restricts the ability of
Lesaka SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber
their assets, incur additional indebtedness, make investments above specified levels, engage in certain business combinations and
engage in other corporate activities. The CTA provides that if any subsidiary of the Company receives proceeds from the disposal of
shares in/claims against, or assets of MobiKwik, it would offer to prepay the certain specified loans/facilities and loan outstandings to
the Lenders (as contemplated in the CTA).
Lesaka SA paid non-refundable debt structuring fees of ZAR
10.0
0.5
Long-term borrowings – Facility A and Facility B Agreements
Lesaka SA may borrow up to an aggregate amount of ZAR
2.2
of Lesaka SA and Cash Connect Management Solutions Proprietary Limited’s (“CCMS”) with RMB, funding transaction costs and
for general corporate purposes. Lesaka SA utilized Facility A in full on February 28, 2025, to settle a portion of its existing facilities
with RMB and to settle all of CCMS’ existing facilities with RMB, as well as to pay certain transaction costs.
Lesaka SA may borrow up to an aggregate of ZAR
1.0
including its general banking facilities, with RMB, and for general corporate purposes. Lesaka SA utilized Facility B in full on
February 28, 2025, to repay a portion of its existing facilities as well as to settle a portion of its existing general banking facility.
Facility A is required to be repaid in full on February 28, 2029. Facility A is subject to customary mandatory prepayment terms.
Lesaka SA is permitted to make voluntary prepayments of Facility A, and is permitted to subsequently utilize any voluntary
prepayments made under Facility A under the RCF Agreement. Amounts utilized under the RCF Agreement are required to be repaid
in full on February 28, 2029.
Facility B is required to be repaid in
four
150
8.4
28, 2026; (ii) ZAR
200
11.3
300
16.9
(iv) R
350
19.7
is permitted to make voluntary prepayments of Facility B, however it is unable to subsequently utilize any amounts prepaid.
12. BORROWINGS (continued)
South Africa (continued)
Facilities obtained in February 2025 (continued)
Long-term borrowings – Facility A and Facility B Agreements (continued)
Interest on Facility A and Facility B as well as any interest related to utilization under the RCF Agreement is payable quarterly
in arrears at end of March, June, September and December, with the first interest payment made on June 30, 2025.
Short-term facility - General Banking Facility
Lesaka SA and certain of its subsidiaries may borrow up to an aggregate of ZAR
700.9
(“GBF”) from RMB for general corporate expenditure (including capital expenditure) and working capital purposes of the Lesaka SA
and certain of its subsidiaries. Lesaka SA utilized a portion of the GBF to refinance its existing general banking facility. As of June
30, 2025, the Company had utilized ZAR
434.5
24.5
The GBF was available for utilization from February 28, 2025, and is subject to annual review by RMB.
Interest on the GBF is payable monthly and is based on the South African prime rate in effect from time to time less
0.50
%.
The GBF Agreement also provides Lesaka SA and certain of its subsidiaries with other facilities in an aggregate of ZAR
100.7
million ($
5.7
credit card and settlement facilities. As of June 30, 2025, the aggregate amount of the Company’s short-term South African other
credit facility with RMB was ZAR
100.7
5.7
33.1
($
1.9
Note 22).
Wesbank Facilities
The Company, through certain of its South African subsidiaries, has an asset-backed facility of ZAR
227.0
11.3
of which ZAR
127.5
7.2
Refinanced CCC Loan Document, comprising long-term borrowings
On November 29, 2022, the Company, through its indirect South African subsidiary Cash Connect Capital (Pty) Ltd (“CCC”),
entered into a Revolving Credit Facility Agreement (the “Refinanced CCC Loan Document”) with RMB and other Company
subsidiaries within the Connect Group of companies listed therein, as guarantors. The transaction closed on December 1, 2022. The
Refinanced CCC Loan Document was scheduled to be repaid in full on November 2024, but this has been extended to September 30,
2025.
On September 5, 2025, the Company, through its indirect South African subsidiaries CCC and K2020 Connect (Pty) Ltd, entered
into a new Revolving Credit Facility Agreement (“CCC Loan Document”) which replaced the Refinanced CCC Loan Document and
increased the amount available from ZAR
300
400
299.9
30, 2025). The refinancing closed on September 8, 2025. The utilized portion of the Refinanced CCC Loan Document has been
presented in long-term borrowings in the consolidated balance sheet as of June 30, 2025, because the Company has demonstrated that
it has the intent and ability to consummate the refinancing prior to the issuance of these consolidated financial statements. The terms
of the CCC Loan Document are readily determinable, the agreement does not expire in the next 12 months and there is no violation of
any provision to the CCC Loan Document.
Both the Refinanced CCC Loan Document and the CCC Loan Document contain customary covenants that require CCC and
K2020 to collectively maintain a specified capital adequacy ratio, restrict the ability of the entities to make certain distributions with
respect to their capital stock, encumber their assets, incur additional indebtedness, make investments, engage in certain business
combinations and engage in other corporate activities.
Pursuant to the CCC Loan Document, CCC and K2020 collectively may borrow up to an aggregate of ZAR
400.0
sole purposes of funding CCC’s and K2020’s lending business, settling up to ZAR
20.0
CCC’s direct parent, and paying structuring and execution fee and legal costs.
12. BORROWINGS (continued)
South Africa (continued)
Refinanced CCC Loan Document, comprising long-term borrowings (continued)
Pursuant to the Refinanced CCC Loan Document, CCC was permitted to borrow up to an aggregate of ZAR
300.0
the sole purposes of funding CCC’s lending business, providing a limited recourse loan to K2020, settling up to ZAR
35.0
related to an intercompany loan to CCC’s direct parent, and paying the structuring and execution fee and legal costs.
Interest on the Refinanced CCC Loan Document was, and under the CCC Loan Document is, payable on the last business day of
each calendar month.
The Company paid a non-refundable structuring and execution fee of ZAR
1.7
0.1
taxation, to RMB on closing in November 2022. The Company paid a non-refundable structuring and execution fee of ZAR
0.5
excluding value added taxation, to the RMB on closing of the CCC Loan Document in September 2025.
Certain merchant finance loans receivable have been pledged as security for the revolving credit facility obtained from RMB.
Nedbank facility, comprising short-term facilities
As of June 30, 2025 and June 30, 2024, the Company had utilized ZAR
2.1
0.1
2.1
0.1
million), respectively, of its indirect and derivative facilities of ZAR
156.6
156.6
bank to issue guarantees, letters of credit and forward exchange contracts (refer to Note 22).
In terms of a commitment provided to the lender under the CTA entered into on February 27, 2025, the Company has undertaken
not to utilize more than ZAR
5.0
0.3
The Company has entered into cession and pledge agreements with Nedbank related to certain of its Nedbank credit facilities
(the general banking facility and a portion of the indirect facility) and the Company has ceded and pledged certain bank accounts to
Nedbank and also provided a cession of Lesaka SA’s shareholding in Cell C. The funds included in these bank accounts are restricted
as they may not be withdrawn without the express permission of Nedbank.
RMB Bridge Facilities, comprising a short-term facility obtained in September 2024 and amended in December 2024 (all
repaid)
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
of ZAR
232.2
Holdings”) ZAR
207.2
14); (iii) pay an amount of ZAR
147.5
the transaction described in Note 3, and (iv) pay an origination fee of ZAR
7.6
with ZAR
70.0
On December 10, 2024, Lesaka SA and RMB entered into a First Addendum to the Facility Letter (the “F2024 Addendum
Letter”). The F2024 Addendum Letter provided Lesaka SA with an additional ZAR
250.0
GBF Facility”) which could be used for general corporate purposes. The Bridge Facility and 2024 GBF Facility were repaid in full on
February 28, 2025, utilizing funding obtained under the CTA and the agreements were cancelled.
Interest on the Bridge Facility and the 2024 GBF Facility was calculated at the prime rate plus
1.80
%. The Bridge Facility and
the 2024 GBF Facility were unsecured and were repaid in full on February 28, 2025, the maturity date, pursuant to the refinancing
process.
Cancelled RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings (all repaid)
On July 21, 2017, Lesaka SA entered into a Common Terms Agreement, Subordination Agreement, Security Cession & Pledge
and certain ancillary loan documents (collectively, the “Original Loan Documents”) with RMB, a South African corporate and
investment bank, and Nedbank Limited (acting through its Corporate and Investment Banking division), an African corporate and
investment bank (collectively, the “Lenders”). Since 2017, these agreements have been amended to add additional facilities, including
Facilities G and H, which were obtained to finance the acquisition of Connect. Facilities E, G and H have been repaid and cancelled
in February 2025 and there is
no
12. BORROWINGS (continued)
South Africa (continued)
Cancelled RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings (all repaid)
(continued)
Short-term facility - Facility E
The available amount under Facility E was ZAR
0.9
49.5
2024). The Company cancelled its Facility E facility agreement in November 2024. The overdraft facility could only be used to fund
ATMs and therefore the overdraft utilized and converted to cash to fund the Company’s ATMs was considered restricted cash.
Interest on the overdraft facility was payable on the first day of the month following utilization of the facility and on the final
maturity date based on the South African prime rate. The overdraft facility amount utilized was required to be repaid in full within one
month of utilization and at least
90
% of the amount utilized was to be repaid within
25 days
. The overdraft facility was secured by a
pledge by Lesaka SA of, among other things, cash and certain bank accounts utilized in the Company’s ATM funding process, the
cession of Lesaka SA’s shareholding in Cell C, the cession of an insurance policy with Senate Transit Underwriters Managers
Proprietary Limited, and any rights and claims Lesaka SA had against Grindrod Bank Limited. As at June 30, 2024, the Company had
utilized approximately ZAR
0.1
6.7
Long-term borrowings - Facility G and Facility H
On March 16, 2023, the Company, through Lesaka SA, entered into a Fifth Amendment and Restatement Agreement, which
included, among other agreements, an Amended and Restated Common Terms Agreement (“Expired CTA”), an Amended and
Restated Senior Facility G Agreement (“Facility G Agreement”) and an Amended and Restated Senior Facility H Agreement (“Facility
H Agreement”) (collectively, the “Loan Documents”) with RMB. Main Street 1692 (RF) Proprietary Limited (“Debt Guarantor”), a
South African company incorporated for the sole purpose of holding collateral for the benefit of the Lenders and acting as debt
guarantor is also a party to the Loan Documents. Pursuant to the Facility G Agreement, Lesaka SA was entitled to borrow up to an
aggregate of approximately ZAR
708.6
508.6
of up to ZAR
200
ZAR
357.4
On February 28, 2025, the Company used its new borrowings to settle Facility G and Facility H in full, including accumulated
interest of ZAR
201.7
10.9
492.1
($
26.6
350.0
18.9
200.0
10.8
million) (of which ZAR
199
10.8
February 28, 2025, utilizing funding obtained under the Expired CTA and the Facility G and Facility H agreements were cancelled.
Amounts translated at rates prevailing on the repayment date. The interest rate on these facilities was JIBAR plus a margin of
4.75
%.
Lesaka SA paid a quarterly commitment fee computed at a rate of
35
% of the Applicable Margin (as defined in the Expired CTA)
on the amount of the revolving credit facility outstanding and such commitment fee was capitalized, subject to the cap discussed above.
The Company used cash proceeds of ZAR
64.2
3.5
during the year ended June 30, 2024, to repay capitalized interest under Facility G and Facility H.
Cancelled Connect Facilities, comprising long-term borrowings and a short-term facility (all repaid)
On March 22, 2023, the Company, through CCMS, entered into a First Amendment and Restatement Agreement, which included,
among other agreements, an Amended and Restated Facilities Agreement (“CCMS Facilities Agreement”) with RMB. The CCMS
Facilities Agreement was amended to increase the Facility B available under the CCMS Facilities Agreement by ZAR
200.0
to ZAR
550.0
with the first scheduled repayment commencing from March 31, 2026. These facilities were repaid in full on February 28, 2025,
utilizing funding obtained under the CTA and the agreements cancelled. Prior to settlement and cancellation, the Connect Facilities
included (i) an overdraft facility (general banking facility) of ZAR
170.0
9.2
700.0
million ($
37.9
550.0
29.8
rates prevailing on the repayment date.
On October 29, 2024, the Company, through CCMS, entered into an addendum to a facility letter with RMB, to obtain a ZAR
100.0
of prepaid airtime vouchers. This temporary increase was repayable in equal daily instalments which commenced at the end of October
2024 with the final repayment made on February 15, 2025.
12. BORROWINGS (continued)
South Africa (continued)
Cancelled Connect Facilities, comprising long-term borrowings and a short-term facility (all repaid) (continued)
In February 2023, the Company, through CCMS, obtained a ZAR
175.0
period of
four months
four
equal monthly instalments of ZAR
43.8
obtained a ZAR
155.0
one month
of prepaid airtime vouchers. This temporary increase was repaid in full in June 2023. Interest at the South Africa prime rate less
0.1
%
was payable on a monthly basis on both of these temporary facilities.
Interest on CCMS Facility A and CCMS Facility B was payable quarterly in arrears based on JIBAR in effect from time to time
plus a margin.
RMB facility, comprising indirect facilities
The Company had a short-term South African indirect credit facility with RMB under its cancelled lending facilities of ZAR
135.0
7.4
2024, the Company had utilized ZAR
33.1
1.8
credit and forward exchange contracts (refer to Note 22).
12. BORROWINGS (continued)
Movement in short-term credit facilities
Summarized below are the Company’s short-term facilities as of June 30, 2025, and the movement in the Company’s short-term
facilities from as of June 30, 2024 to as of June 30, 2025:
RMB
RMB
Nedbank
RMB
RMB
RMB
GBF
Other
Facilities
Connect
Bridge
Facility E
Total
Short-term facilities available as of
June 30, 2025
$
39,475
$
5,672
$
8,817
$
-
$
-
$
-
$
53,964
Overdraft
39,475
-
-
-
-
-
39,475
Indirect and derivative facilities
-
5,672
8,817
-
-
-
14,489
Movement in utilized overdraft
facilities:
Balance as of June 30, 2023
-
-
-
9,025
-
23,021
32,046
Utilized
-
-
-
2
-
182,988
182,990
Repaid
-
-
-
(2)
-
(199,640)
(199,642)
Foreign currency adjustment
(1)
-
-
-
326
-
368
694
Balance as of June 30, 2024
-
-
-
9,351
-
6,737
16,088
Restricted as to use for ATM
funding only
-
-
-
-
-
6,737
6,737
No restrictions as to use
-
-
-
9,351
-
-
9,351
Utilized
27,917
-
-
5,655
41,150
23,894
98,616
Repaid
(4,311)
-
-
(14,627)
(39,205)
(31,028)
(89,171)
Foreign currency
adjustment
(1)
863
-
-
(379)
(1,945)
397
(1,064)
Balance as of June 30, 2025
24,469
-
-
-
-
-
24,469
No restrictions as to use
24,469
-
-
-
-
-
24,469
Interest rate as of June 30, 2025
(%)
(2)
10.25
Interest rate as of June 30, 2024
(%)
(3)
11.65
11.75
Movement in utilized indirect and
derivative facilities:
Balance as of June 30, 2023
-
1,757
112
-
-
-
1,869
Foreign currency adjustment
(1)
-
64
4
-
-
-
68
Balance as of June 30, 2024
-
1,821
116
-
-
-
1,937
Foreign currency adjustment
(1)
-
43
3
-
-
-
46
Balance as of June 30, 2025
$
-
$
1,864
$
119
$
-
$
-
$
-
$
1,983
(1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar.
(2) RMB GBF interest is set at prime less
0.50
%.
(3) Facility E interest set at prime and the Connect facility at prime less
0.10
%.
Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense
on the consolidated statement of operations during the years ended June 30, 2025 and 2024, was $
4.2
4.1
respectively.
The Company cancelled Adumo’s overdraft arrangements on October 1, 2024, and settled Adumo’s outstanding overdraft
balance of ZAR
20.0
1.1
included on the Company’s consolidated statements of cash flows for the year ended June 30, 2025.
12. BORROWINGS (continued)
Movement in long-term borrowings
Summarized below is the movement in the Company’s long-term borrowing from as of June 30, 2024, to as of June 30, 2025:
Facilities
Lesaka A
Lesaka B
Asset
backed
CCC
(6)
Lesaka
G & H
Connect
A&B
Total
Opening balance as of June 30,
2023
$
-
$
-
$
7,915
$
11,802
$
48,965
$
64,436
$
133,118
Facilities utilized
-
-
4,368
2,915
16,445
-
23,728
Facilities repaid
-
-
(4,205)
(3,353)
(12,515)
-
(20,073)
Non-refundable fees paid
-
-
-
-
-
-
-
Non-refundable fees amortized
-
-
-
48
351
48
447
Capitalized interest
-
-
-
-
7,214
-
7,214
Capitalized interest repaid
-
-
-
-
(6,109)
-
(6,109)
Foreign currency adjustment
(1)
-
-
301
429
1,800
2,331
4,861
Included in current
-
-
3,878
11,841
-
-
15,719
Included in long-term
-
-
4,501
-
56,151
66,815
127,467
Opening balance as of June
30, 2024
-
-
8,379
11,841
56,151
66,815
143,186
Facilities utilized
116,652
54,112
3,184
5,091
11,022
-
190,061
Facilities repaid
-
-
(4,513)
(554)
(60,245)
(65,910)
(131,222)
Non-refundable fees paid
970
-
-
-
-
-
970
Non-refundable fees
amortized
248
-
-
21
116
32
417
Capitalized interest
-
-
-
-
5,033
-
5,033
Capitalized interest repaid
-
-
-
-
(11,077)
-
(11,077)
Foreign currency
adjustment
(1)
2,505
2,209
129
495
(1,000)
(937)
3,401
Closing balance as of
June 30, 2025
120,375
56,321
7,179
16,894
-
-
200,769
Included in current
-
8,448
3,508
-
-
-
11,956
Included in long-term
120,375
47,873
3,671
16,894
-
-
188,813
Unamortized fees
(1,038)
-
-
-
-
-
(1,038)
Due within 2 years
-
11,265
2,269
-
-
-
13,534
Due within 3 years
-
16,896
1,015
-
-
-
17,911
Due within 4 years
121,413
19,712
379
16,894
-
-
158,398
Due within 5 years
$
-
$
-
$
8
$
-
$
-
$
-
$
8
Interest rates as of June 30, 2025
(%):
10.54
10.44
11.50
11.70
-
-
Base rate (%)
7.29
7.29
10.75
10.75
-
-
Margin (%)
3.25
3.15
0.75
0.95
-
-
Footnote number
(2)
(3)
(4)
(5)
Interest rates as of June 30, 2024
(%):
-
-
12.50
12.70
13.10
12.10
Base rate (%)
-
-
11.75
11.75
8.35
8.35
Margin (%)
-
-
0.75
0.95
4.75
3.75
Footnote number
(4)
(5)
(7)(8)(9)
(10)
(1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar.
(2) Interest on Facility A and Facility B is based on the JIBAR in effect from time to time plus an initial margin of
3.25
% per
annum until June 30, 2025. From July 1, 2025, the margin on Facility A will be determined with reference to the Net Debt to EBITDA
Ratio, and the margin will be either (i)
3.25
%, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii)
2.5
%, if
the Net Debt to EBITDA Ratio is less than 2.5 times.
(3) Interest on Facility B is calculated based on JIBAR from time to time plus an initial margin of
3.15
% per annum until June
30, 2025. From July 1, 2025, the margin on Facility B will be determined with reference to the Net Debt to EBITDA Ratio, and the
margin will be either (i)
3.15
%, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii)
2.4
%, if the Net Debt to
EBITDA Ratio is less than 2.5 times.
12. BORROWINGS (continued)
Movement in long-term borrowings (continued)
(4) Interest is charged at prime plus
0.75
% per annum on the utilized balance.
(5) Interest is charged at prime plus
0.95
% per annum on the utilized balance.
(6) Amounts presented as of June 30, 2024, have been revised, refer to Note 1 for additional information. The amount as of June
30, 2024, was incorrectly classified as long-term borrowings, instead of as current portion of long-term borrowings.
(7) Prior to the amendment in March 2023, interest on Facility G was calculated based on the 3-month JIBAR in effect from time
to time plus a margin of (i)
3.00
% per annum until January 13, 2023; and then (ii) from January 14, 2023, (x)
2.50
% per annum if the
Facility G balance outstanding is less than or equal to ZAR
250.0
3.00
% per annum if the Facility G balance is between
ZAR
250.0
450.0
3.50
% per annum if the Facility G balance is greater than ZAR
450.0
interest rate shall increase by a further
2.00
% per annum in the event of default (as defined in the Loan Documents).
(8) Prior to the amendment in March 2023, interest on Facility H is calculated based on JIBAR in effect from time to time plus
a margin of
2.00
% per annum which increases by a further
2.00
% per annum in the event of default (as defined in the Loan Documents).
(9) Interest on Facility G and Facility H was calculated based on the 3-month JIBAR in effect from time to time plus a margin
of, from January 1, 2023 to September 30, 2023: (i)
5.50
% for as long as the aggregate balance under the Facilities is greater than
ZAR
800
4.25
% if the aggregate balance under the Facilities is equal to or less than ZAR
800
ZAR
350
2.50
% if the aggregate balance under the Facilities is less than ZAR
350
interest is calculated as described above.
(10) Interest on Facility A and Facility B is calculated based on JIBAR plus a margin, of
3.75
%, in effect from time to time.
Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense
on the consolidated statement of operations during the years ended June 30, 2025, 2024 and 2023, was $
16.9
16.1
and $
13.1
2024 and 2023, was $
0.4
0.4
0.8
facility relates to borrowings utilized to fund a portion of the Company’s merchant finance loans receivable and interest expense of
$
2.9
1.4
1.4
consolidated statement of operations for the years ended June 30, 2025, 2024 and 2023, respectively.
The Company cancelled Adumo’s long-term borrowings arrangements on October 1, 2024, and settled Adumo’s outstanding
balances of ZAR
126.7
7.2
borrowings included on the Company’s consolidated statements of cash flows for the year ended June 30, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 29, 2025 | Showing above |
| 2024 | Sep 11, 2024 | |
| 2023 | Sep 12, 2023 | |
| 2022 | Sep 9, 2022 | |
| 2021 | Sep 13, 2021 | |
| 2020 | Sep 10, 2020 | |
| 2019 | Oct 25, 2019 | |
| 2018 | Sep 12, 2018 | |
| 2017 | Aug 24, 2017 | |
| 2016 | Aug 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.