ADCORP HOLDINGS LIMITED - Debt capital markets - confirmation of compliance with financial covenants

Debt capital markets - confirmation of compliance with financial covenants

Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1974/001804/06)
Company code: ADRI
ISIN: ZAG000122086
(“Adcorp”)


DEBT CAPITAL MARKETS - CONFIRMATION OF COMPLIANCE WITH FINANCIAL
COVENANTS

Noteholders are advised that pursuant to a roadshow conducted by
Adcorp to fixed income investors, Adcorp confirmed compliance
with the financial covenants contained in the Terms and
Conditions of the Group 1 Notes.

The ratio’s with which Adcorp is required to comply in terms of
such financial covenants are based on the South African group
companies only, and have not been audited or reviewed.
The ratio’s for the Measurement Period ended 31 August 2015 have
been determined as follows:
                                                    (R’000)

Total Good ceded debtors                          1 345 295
Net interest bearing debt                           608 589

Debtors Coverage Ratio                            2.2 times

Financial covenant requirement                   >1.5 times

12 month rolling EBITDA                             493 296
12 month rolling net interest expense                86 385

Interest Cover Ratio                              5.7 times

Financial covenant requirement                   >4.0 times




8 October 2015
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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