TUHF Limited - Financial Covenants Notification
TUHF Limited
Incorporated in the Republic of South Africa
(Registration number 2007/025898/06)
Stock Code: TUHF02
ISIN Code: ZAG000165689
(“TUHF” or “the Issuer”)
FINANCIAL COVENANTS NOTIFICATION
Noteholders are advised that, for the quarterly period ended 31 March 2021 (“Quarter”), the financial
covenant requirements applicable to the TUHF02 Notes, as set out in Annexure "A" of the Applicable
Pricing Supplement relating to the TUHF02 Notes (“Series 2A APS”), have been calculated and meet the
required levels pertaining to the Security Pool Financial Covenants and the TUHF Group Financial
Covenants, save for:
• Arrears Ratio (TUHF Group): 14.62% (covenant 10%).
The Arrears Ratio (Security Pool) was achieved in the Quarter.
The Arrears Ratios as contemplated in the Series 2A APS means principal value of loan balances
(including arrear instalments) expressed as a percentage of the loan book (Security Pool or TUHF
Group). The bad debts in respect of the Security Pool and the TUHF Group, which must be below 2.5%,
have never, since the issue of the TUHF02 Notes on 24 January 2020, been exceeded. This is due to
high historical recoveries even when loan instalments have not been fully collected.
Noteholders have provided a written condonation of the breach of the aforementioned Arrears Ratio
Covenant for the Quarter ended 31 March 2021.
Noteholders are further advised that as this Financial Covenants Notification is being released prior to the
finalisation of the audited annual financial statements of TUHF for the year ended 31 March 2021, in the
event that any of the information set out herein changes a further announcement will be made.
Johannesburg
30 June 2021
Debt Sponsor
Merchantec Capital
Date: 30-06-2021 05:44:00
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