Fastjet extends loan date

Lauren Eldershaw
By Lauren Eldershaw March 4, 2019 15:14

Fastjet extends loan date

Low-cost African airline Fastjet has confirmed that it has extended the terms of an unsecured loan to March 31. In June 2018, Fastjet entered into the loan agreement with Annunaki Investments and SSCG Africa Holdings (SSCG) for US$5 million cash from fastjet Zimbabwe to Annunaki in return for a US$2 million loan to fastjet from SSCG for general working capital purposes across the Group. The Unsecured Loans were repayable in December 2018, but after discussions, Annunaki and SSCG agreed to extend the terms of loan to 31 March 2019.

Fastjet confirms that the terms of the loan agreements will remain the same with the exception that the loan amount from fastjet Zimbabwe to Annunaki has increased from US$5 million to US$7 million due to devaluation of the underlying currency; and during the term of the agreement, SSCG shall have the option to convert the US$2 million repayment plus any outstanding interest into ordinary shares in fastjet in a default scenario.

Lauren Eldershaw
By Lauren Eldershaw March 4, 2019 15:14