FORI - Update to the Financial Covenants Notification
FORI - Update to the Financial Covenants Notification
Fortress REIT Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2009/016487/06)
LEI: 378900FE98E30F24D975
Bond company code: FORI
(Approved as a REIT by the JSE)
(the “Issuer” or “Fortress Group”)
UPDATE TO THE FINANCIAL COVENANTS NOTIFICATION
Further to the announcement released on SENS on 24 August 2022, in relation to the testing and
passing of the Issuer’s financial covenants applicable to the listed notes, the Issuer hereby confirms
that the Loan-to-Value Ratio was 41.0% as at 30 June 2022.
In addition, the Issuer’s asset cover financial covenant requirement, applicable to the FIFG02, FIFG04
and FIFG05 notes, is as follows:
• Unencumbered Asset Coverage Ratio Financial Covenant (“Unencumbered Asset Coverage
Ratio”) shall not be less than 2.5 times for the Fortress Group.
The Issuer confirms that the Unencumbered Asset Coverage Ratio was tested as at 30 June 2022 and
was 2.9 times.
1 September 2022
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01-09-2022 04:18:00
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