Borrowings

9 Months Ended

Mar. 31, 2022

Borrowings [Abstract]

Borrowings

8.Borrowings

Refer to Note 11 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2021, for additional information regarding its borrowings.

South Africa

July 2017 Facilities, as amended, comprising long-term borrowings (all repaid) and a short-term facility (Facility E)

Available short-term facility - Facility E

As of March 31, 2022, the aggregate amount of the Company’s short-term South African overdraft facility with RMB was ZAR 1.4 billion ($96.2 million, translated at exchange rates applicable as of March 31, 2022). As of March 31, 2022, the Company had utilized approximately ZAR 0.7 billion ($45.7 million) of this overdraft facility. This overdraft facility may only be used to fund ATMs and therefore the overdraft utilized and converted to cash to fund the Company’s ATMs is considered restricted cash. The interest rate on this facility is equal to the prime rate. The prime rate on March 31, 2022, was 7.75%.

Nedbank facility, comprising short-term facilities

As of March 31, 2022, the aggregate amount of the Company’s short-term South African credit facility with Nedbank Limited was ZAR 406.6 million ($27.9 million). The credit facility comprises an overdraft facility of up to ZAR 250.0 million ($17.2 million), which may only be used to fund mobile ATMs and indirect and derivative facilities of up to ZAR 156.6 million ($10.8 million), which include guarantees, letters of credit and forward exchange contracts. The Company has entered into cession and pledge agreements with Nedbank related to certain of its Nedbank credit facilities (the indirect and derivative facility) and the Company has ceded and pledged certain bank accounts to Nedbank. The funds included in these bank accounts are restricted as they may not be withdrawn without the express permission of Nedbank. These funds, of ZAR 155.1 million ($10.7 million translated at exchange rates applicable as of March 31, 2022), are included within the caption restricted cash related to ATM funding and credit facilities to the Company’s unaudited condensed consolidated balance sheet as of March 31, 2022. As of March 31, 2022, the interest rate on the overdraft facility was 6.60%.

As of March 31, 2022 and June 30, 2021, the Company had utilized approximately ZAR 155.1 million ($10.7 million) and ZAR 156.6 million ($10.9 million), respectively, of its indirect and derivative facilities of ZAR 156.6 million (June 30, 2021: ZAR 156.6 million) to enable the bank to issue guarantees, letters of credit and forward exchange contracts, in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 19).

Movement in short-term credit facilities

Summarized below are the Company’s short-term facilities as of March 31, 2022, and the movement in the Company’s short-term facilities from as of June 30, 2022 to as of March 31, 2021, as well as the respective interest rates applied to the borrowings as of March 31, 2022:

						South Africa				Total
					RMB		Nedbank
Short-term facilities available as of March 31, 2022					$	96,203	$	27,937	$	124,140
	Overdraft restricted as to use for ATM funding only					96,203		17,179		113,382
	Indirect and derivative facilities					-		10,758		10,758
Interest rate (%), based on South African prime rate						7.75
Interest rate (%), based on South African prime rate less 1.15%								6.60
Movement in utilized overdraft facilities:
	Balance as of June 30, 2021					14,245		-		14,245
		Utilized				405,048		1,350		406,398
		Repaid				(371,185)		(1,323)		(372,508)
		Foreign currency adjustment(1)				(2,430)		(27)		(2,457)
			Balance as of March 31, 2022			45,678		-		45,678
				Restricted as to use for ATM funding only		45,678		-		45,678
Movement in utilized indirect and derivative facilities:
	Balance as of June 30, 2021					-		10,947		10,947
		Guarantees cancelled				-		(99)		(99)
		Foreign currency adjustment(1)				-		(189)		(189)
			Balance as of March 31, 2022(2)		$	-	$	10,659	$	10,659

(1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar.