Leading pan-African technology solutions group, Liquid Intelligent Technologies, a business of Cassava Technologies, today announces an extension to the net debt to EBITDA covenant threshold in respect of its ZAR term loan and RCF.
During August we engaged with our lending partners on a pre-emptive basis to provide the business with additional headroom, in part due to the prospect of exchange rate volatility in certain markets as well as the timing of the first tranche of equity private placement.
Following constructive discussions we are pleased to announce a deferral in step down for the net debt to EBITDA covenant. As a result, the step down from 3.5x to 3.0x that was due to take place in August 2024 will now occur in February 2025. All other terms remain unchanged.
We continue to make good progress on the first tranche of the private placement and will provide an update in due course. In terms of upcoming debt commitments, these will be met from internally generated cash flows.
Next scheduled announcement:
The Group is scheduled to publish its Q2 FY 2024-25 results in October 2024.
