HOSPITALITY PROPERTY FUND LIMITED - HPAI - Financial Covenant Notification and Waiver by Noteholders

HPAI - Financial Covenant Notification and Waiver by Noteholders

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


FINANCIAL COVENANT NOTIFICATION AND WAIVER BY NOTEHOLDERS

Hospitality’s financial covenant requirement for the secured notes in issue (namely HPF11, HPF12
and HPF13), as measured at 30 September and 31 March of each year, is required to be as follows:

1.      The Loan to Value Ratio (“LTV”) should not exceed 45%; and
2.      The Interest Cover Ratio should not be less than 2.1 times.

The LTV covenant at 30 September 2021 (“Measurement Period”) was 27.2%.

In addition, and further to the announcement released on the Stock Exchange News Service on 27
May 2021, the Issuer confirms that the financial covenant testing and any non-compliance in respect
of the Interest Cover Ratio for the Measurement Period ending 31 March 2022 has been waived by
the noteholders of the notes in issue. The financial covenant testing in respect of the interest cover
ratio for the notes will resume for the period ending 30 September 2022.


14 December 2021

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

Date: 14-12-2021 03:05:00
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