HOSPITALITY PROPERTY FUND LIMITED - HPAI - Financial Covenant Notification

HPAI - Financial Covenant Notification

HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Bond company code: HPAI
(Approved as a REIT by the JSE)
(“Hospitality” or “the Group”)


FINANCIAL COVENANT NOTIFICATION


The Group’s financial covenant requirements, as measured at 30 September and 31 March for the corporate
notes in issue, are required to be as follows:

    1.   Loan to Value Ratio does not exceed 50% for the Group;
    2.   Interest Cover Ratio is not less than 1.5:1 for the Group;
    3.   Loan to Value Ratio does not exceed 45% for secured notes; and
    4.   Interest Cover Ratio is not less than 2:1 for secured notes.

The financial covenants as at 30 September 2019, were as follows:



 Covenant                                        Group                        Secured Notes


 Loan to Value Ratio                              19.1%                                20.4%

 Interest Cover Ratio                             4.39                                 4.34

The following additional conditions apply:

A Cross-default level of R50m or 0.75% 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


29 November 2019

Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa

Date: 28-11-2019 11:45:00
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