Sharenet Sites 
Sharenet Sites
Update regarding the refinance of the SA Obligor debt
METAIR INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/031013/06
ISIN: ZAE000090692
JSE and A2X share code: MTA
("Metair" or the "Company" or the "Group")
UPDATE REGARDING THE REFINANCE OF THE SA OBLIGOR DEBT
Shareholders of Metair ("Shareholders") are referred to the previous announcement published on
SENS on 12 March 2025 in respect of the capital restructuring plan entered into between Metair and
the Group's lenders, in terms of which Metair's gross debt obligation was refinanced by means of two
separate packages, being (i) the Hesto Harnesses Proprietary Limited Obligor in an amount of
R1 377 million, and (ii) the remaining South African subsidiaries ("SA Obligor") in an amount of
R3 300 million.
Shareholders are hereby advised that, on 30 April 2026, the board of directors of Metair and Metair's
principal lender, The Standard Bank of South Africa Limited, approved a refinancing of the current debt
package housed within SA Obligor (the "Refinance").
The Refinance extends the term of the entire R3 300 million to five years, which allows for a repayment
profile that matches expected earnings growth and cash flows, including elevated capex planned for
the financial year ending 31 December 2026 ("FY2026") to cater for a key customer model changeover.
A primary objective of the Refinance was to address the maturity of the R1 600 million
Subordinated Loan (Facility C) (forming part of the SA Obligor facility), due and payable by
30 June 2027. This facility has now been converted into a conventional senior term loan repayable over
five years, thereby enhancing the sustainability of the Company's capital structure.
The current security package remains unchanged with all SA Obligor's assets and cash flows being
provided as security for the debt facilities.
As part of the Refinance, the interest rates and covenants have been renegotiated, and the reference
rate has transitioned from JIBAR to the South African Overnight Index Average (ZARONIA), in line with
prevailing market convention.
Importantly, the cumulative earnings before interest, tax, depreciation and amortisation ("EBITDA")
performance hurdle has been removed from the revised debt structure. Under the previous financing
arrangement, the Company was required to meet cumulative quarterly EBITDA targets, failing which it
would have been obliged to pursue remedial actions, including, inter alia, a potential equity raise and/or
asset disposals. This requirement has been eliminated under the revised structure, providing the
Company with enhanced operational flexibility and reducing the risk of forced capital actions.
The working capital facility of R600 million, inclusive of R75 million ringfenced for Smiths Manufacturing
Proprietary Limited, remains unchanged but will be subject to review during Q3 FY2026.
The Refinance represents a significant milestone in strengthening Metair's capital structure and
positioning Metair to execute on its strategic and operational priorities over the medium term.
4 May 2026
Johannesburg
Sponsor
One Capital
Date: 04-05-2026 08:00:00
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.
