HOSPITALITY PROPERTY FUND LIMITED - HPAI - Notification of the Waiver of Financial Covenant Testing by Noteholders

HPAI - Notification of the Waiver of Financial Covenant Testing by Noteholders

Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/014211/06)
Company code: HPAI
(Approved as a REIT by the JSE)
 (“Hospitality” or the “Issuer”)


NOTIFICATION OF THE WAIVER OF FINANCIAL COVENANT TESTING BY NOTEHOLDERS

1.    Hospitality’s financial covenant requirements in respect of the interest cover ratio for all of the
      listed notes in issue being:

1.1      ZAR600,000,000 Senior Secured Floating Rate Notes due 31 March 2023 with stock code
         HPF11;

1.2      ZAR300,000,000 Senior Secured Floating Rate Notes due 31 March 2024 with stock code
         HPF12; and

1.3      ZAR800,000,000 Senior Secured Floating Rate Notes due 30 September 2024 with stock code
         HPF13,

      (collectively, the “Senior Secured Notes”), as measured at 30 September and 31 March of each
      year, is required to be as follows:

      Interest Cover Ratio is not less than 2:1 (two is to one).

The Issuer confirms that the financial covenant testing and any non-compliance in respect of the
interest cover ratio for the period ending 30 September 2020 has been waived by the noteholders of
the Senior Secured Notes. The financial covenant testing in respect of the interest cover ratio for the
Senior Secured Notes will resume for the period ending 31 March 2021.


16 July 2020

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

Date: 16-07-2020 07:40:00
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