APFE - Financial Covenants Notification
Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Company code: APFE
(Approved as a REIT by the JSE)
(“Accelerate” or “the Issuer”)
FINANCIAL COVENANTS NOTIFICATION
Noteholders are advised of the following financial covenant requirements applicable to the notes
listed by the Issuer:
• the Loan to Value Ratio does not exceed 50%;
• the Secured Properties Loan to Value Ratio does not exceed 45%;
• the Interest Cover Ratio shall be greater than 2.0 times; and
• the Secured Properties Interest Cover Ratio shall be greater than 2.0 times.
Accelerate is in the process of finalising its year-end results, which have been delayed as a result of
the company wishing to extract and apply as much of the information available arising from the
Covid-19 pandemic
The Company’s financial results, as well as its integrated annual report, are expected to be published
on or before 29th July 2020.
Accelerate wishes to further advise noteholders that the testing of the Company’s compliance with
the financial covenants for the year ended 31 March 2020 has been completed based on preliminary
unaudited financial information. Accelerate has complied with the financial covenants. The
necessary compliance certificate is available for inspection at Accelerate’s registered office during
normal working hours.
30 June 2020
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: 30-06-2020 04:08:00
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