Credit committee paperSection 04 / 07
04 · Drawdown
Facility drawdown profile
Each cycle draws R32.4m as invoices are paid and is cleared by its LC. Two cycles overlap for 10 days, which sets the peak.
Exhibit 4.1
Drawn balance by weekRm
Drawn balance (scenario) Average drawn Facility limit
advanced per 50kt cycle
R32.4m
average drawn (51% utilised)
R25.7m
peak drawn, cycles overlapping
R44.3m
R5.7m headroom
limit turnover per year
7.8x
R389m financed over 12 cycles
Exhibit 4.2 · Test the limit
What drives peak exposure
Peak exposure depends on how much is advanced per cycle and how long each cycle waits for its LC to pay.
80%
10 days
50kt
Draw-stop covenant
No new cycle until enough of the prior LC has paid to stay inside the limit.
Inside the limit
- Unconstrained peak
- R44.3m
- Peak with covenant
- R44.3m
- Cycle cadence
- 30 days
- Cycles in 12 months
- 12
Cycles run monthly with overlap. Exposure peaks while one shipment awaits its LC and the next is railing.
Note · Daily simulation of draws and LC repayments, calibrated so the proposal base case gives a R44.3m peak and R25.7m average. The dashed line is the proposal's own weekly chart for reference.