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HOSPITALITY PROPERTY FUND LIMITED - HPAI - Financial Covenant Notification

Release Date: 25/11/2020 15:25
Code(s): HPF11 HPF13 HPF12     PDF:  
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HPAI - Financial Covenant Notification

(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”)


Hospitality’s financial covenant requirement for the secured notes in issue, as measured for the period ending
30 September 2020 (“Measurement Period”), is as follows: The Loan to Value Ratio does not exceed 45%.

The financial covenant as at 30 September 2020, was as follows:

 Covenant                                       Secured Property Portfolio Value

 Loan to Value Ratio                                                       25.8%

The following additional conditions apply: A cross-default level of R50 million or 0.75%, whichever is the greater,
of the total assets of the Group is in place.

Pursuant to the announcement released on SENS on 16 July 2020, noteholders granted Hospitality a waiver
with regard to the testing and compliance of the interest cover ratio for the Measurement Period.

Hospitality therefore confirms that the financial covenant testing in relation to the Loan to Value Ratio for the
Measurement Period has been completed and successfully passed. The compliance certificate is available for
inspection on the Issuer’s website, .

25 November 2020

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

Date: 25-11-2020 03:25:00
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