ATTACQ LIMITED - Debt funding update

Debt funding update

ATTACQ LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT ISIN: ZAE000177218
(Approved as a REIT by the JSE)
("Attacq")


DEBT FUNDING UPDATE


EURO-DENOMINATED DEBT
Following the receipt of the requisite exchange control approval, Attacq settled its remaining euro-denominated debt
on 9 July 2021, utilising proceeds received from the part-disposal of MAS Real Estate Inc. ("MAS") shares. As at
31 December 2020, the group's euro-denominated outstanding loan balances were the equivalent of R1.0 billion.

RAND-DENOMINATED DEBT
Shareholders are advised that prior to Attacq's financial year end of 30 June 2021, the following debt facilities were
successfully refinanced:
- The Attacq Retail Fund Proprietary Limited and Lynnwood Bridge Office Park Proprietary Limited syndicated
  loan with a consortium of lenders ("the Syndicated Loan"); and
- The Mall of Africa term loan with Nedbank Limited ("the MOA Loan").
The aggregate outstanding balances of the Syndicated Loan and the MOA Loan represented 52.0% of the total Rand-
denominated loan balances at 30 June 2021.

The Syndicated Loan
In line with the group’s debt reduction plan, the opportunity was taken to reduce the total syndicated loan from
R3.3 billion to R3.0 billion, by utilising proceeds received from the part-disposal of MAS shares. The refinanced
R3.0 billion facility was allocated into 3, 4 and 5-year repayment tranches enabling an optimum weighted average cost
of debt ("WACD") and weighted average loan term ("WALT").

The WACD for the Syndicated Loan has increased from 5.5% to 5.7% when compared with the previous facility which
was concluded in December 2017.

The MOA Loan
The MOA Loan facility was refinanced with repayment tranches over 3, 4 and 5-years and with a reduction in WACD
from 5.8% to 5.6%.

DEBT MATURITY PROFILE
The table below provides an updated loan maturity profile as at 30 June 2021, taking into account the refinanced
facilities and assuming the euro-denominated debt was settled at that date, as compared with 31 December 2020.

                      Less than 12      1 year to 2    2 years to 3    3 years to 4    4 years to 5
 R'000                      months            years           years           years           years       5 years +
 30 June 2021             R172 316       R1 727 199      R1 254 847      R3 678 438      R1 608 932      R1 682 041
 % of total                   1.7%            17.1%           12.4%           36.3%           15.9%           16.6%
 31 December 2020         R895 220       R7 395 450        R175 960      R1 303 830        R618 109      R1 114 853
 % of total                   7.8%            64.3%            1.5%           11.3%            5.4%            9.7%

Taking into account the refinanced facilities and the settlement of euro-denominated debt, the WALT has increased
from 2.4 years to 4.0 years.

NET ASSET VALUE COVENANT
The minimum group net asset value covenant across all lenders post the refinanced facilities has been reduced to
R7 billion (previously R7 billion to R10 billion).

14 July 2021


Sponsor
Java Capital

Date: 14-07-2021 01:15:00
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