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HPAI - Financial Covenants Notification
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”)
FINANCIAL COVENANTS NOTIFICATION
Hospitality’s (the Group) financial covenant requirements as measured at 30 September and 31
March for the corporate notes in issue, is 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 2018, were as follows:
Covenant Group Secured Notes
Loan to Value Ratio (%) 15.8% 20.5%
Interest Cover Ratio (times) 5.28 4.25
The following additional conditions apply:
A Cross-default level of R50m or 0.75% of the total assets of the Group is in place.
The Issuer 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 their
website, https://www.tsogosun.com/hospitality-property-fund/investors/regulatory-documents.
28 November 2018
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 28/11/2018 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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