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HPAI - Financial Covenant Information
HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
JSE share code: HPB ISIN: ZAE000214656
Bond company code: HPAI
(Approved as a REIT by the JSE)
(“Hospitality” or the “Group”)
FINANCIAL COVENANT NOTIFICATION
Hospitality’s financial covenant requirements, as measured at 30 September and 31 March of each year, for
the secured notes in issue, are required to be as follows:
1. Loan to Value Ratio does not exceed 45%; and
2. Interest Cover Ratio is not less than 2:1.
The financial covenants as at 31 March 2020, were as follows:
Covenant Secured Property Portfolio Value
Loan to Value Ratio 25.6%
Interest Cover Ratio 3.67
The following additional conditions apply:
A Cross-default level of R50m or 0.75%, whichever is the greater, of the total assets of the Group is in place.
Hospitality further confirms that the financial covenant testing for the period has been completed and has
been successfully passed and the compliance certificate is available for inspection on its website,
http://www.hpf.co.za/investors/regulatory-documents
17 June 2020
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17-06-2020 09:27:00
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