RESILIENT REIT LIMITED - BIRPIF - Financial Covenants Notification

BIRPIF - Financial Covenants Notification

Resilient REIT Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2002/016851/06)
Company code: BIRPIF
(Approved as a REIT by the JSE)
(“Resilient” or “the Issuer”)

FINANCIAL COVENANTS NOTIFICATION

Bondholders are advised of the following financial covenant report.

The Issuer’s financial covenant, applicable to the listed notes, is required to be as follows:
    • Loan to Value Ratio (“LTV ratio”) does not exceed 50% for the Resilient Group.

The Issuer confirms that the financial covenant testing for the period ending 31 December 2018 has
been completed and was successfully passed, with the LTV ratio measuring 39,60%. This LTV ratio
takes into account the negative net asset value of the Siyakha Trusts relating to the loans advanced
by Fortress REIT Limited (investment of R1,99 billion and debt owed to Fortress of R3,91 billion).
Fortress has no recourse to Resilient for the loans it advanced to the Siyakha Trusts. If this effect of
the Siyakha Trusts on the LTV ratio is removed, the ratio will be 30,37%.


21 February 2019

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 21/02/2019 08:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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