enX GROUP LIMITED - Financial Close Of The Refinance Of Enxs Southern African Leasing Businesses

Financial Close Of The Refinance Of Enx’s Southern African Leasing Businesses

ENX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
JSE share code: ENX         ISIN: ZAE000222253
(“enX” or “the Company” or “the Group”)


FINANCIAL CLOSE OF THE REFINANCE OF ENX’S SOUTHERN AFRICAN LEASING
BUSINESSES
Shareholders are referred to the Going Concern and Subsequent Events: Liquidity and
Funding commentary in enX’s summarised preliminary consolidated financial results for the
year ended 31 August 2020 (“Preliminary Results”). It was stated therein that “At the date of
signature of the financial statements, agreements with bank lenders have been concluded
whereby, subject to the fulfilment of customary conditions precedent, both the EIE SA and
Eqstra businesses will raise their own independent funding facilities and all existing bank
borrowings will be repaid and debt capital market instruments redeemed”.
Shareholders are notified that financial close has been achieved in respect of these
independent funding facilities (“New Borrowings”), existing facilities have been refinanced,
all debt capital market instruments have been redeemed and the R4billion Domestic Medium
Term Note programme has been terminated.
The New Borrowings reset the maturity profile of the interest bearing debt of Eqstra and EIE
SA as set out in the table below:

 R ‘m                     FY2021      FY2022      FY2023      FY2024      FY2025      FY2026       Total(1)
 Immediately prior          1,166       2,062        397           -           -           -        3,625
 to refinance
 Immediately after               -      317(2)        850           90         850        1518       3,625
 refinance
Notes to the table:

(1)   Represents gross interest-bearing borrowings as at 17 December 2020 in aggregate for Eqstra and EIE SA
(2)   Relates to a working capital facility / general banking facility which renews annually

The New Borrowings are secured primarily by the underlying lease assets, receivables and
ordinary shares in the subsidiaries that make up the Eqstra and EIE SA businesses.
The New Borrowings offer liquidity to fund potential growth of the respective lease books and
establish a stable capital base for Eqstra and EIE SA to continue to compete strongly in their
respective markets.
The information included in this announcement has not been reviewed or reported on by enX
external auditors.


Johannesburg
18 December 2020

Sponsor
The Standard Bank of South Africa Limited

Date: 18-12-2020 05:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.