Urbanova — Covenant Dashboard & Headroom Analysis
The covenant dashboard and the headroom analysis underpinning Urbanova.
Section 32 · Business Plan
Covenant Dashboard & Headroom Analysis
The covenant dashboard and the headroom analysis underpinning Urbanova.
The dashboard tests the plan against a typical DFI senior-facility
covenant package. Shaded judgment: PASS/WATCH/FAIL against each test in
each year as structured (before the recommended sculpting).
| Covenant (typical level) | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| DSCR ≥ 1.20x | n/a (pre-debt) | PASS 2.37x | FAIL 0.60x | WATCH 1.25x | PASS 1.93x |
| Interest cover ≥ 2.00x | n/a | PASS 2.37x | PASS 2.42x | PASS 3.37x | PASS 4.02x |
| LTV (book) ≤ 55% | PASS 0% | PASS 23% | PASS 33% | PASS 42% | PASS 41% |
| Net debt / EBITDA ≤ 6.0x | n/m | WATCH 8.7x | WATCH 7.4x | PASS 4.8x | PASS 2.4x |
| Minimum cash ≥ R150m | PASS 205 | PASS 649 | PASS 834 | PASS 947 | PASS 911 |
| Units-delivered milestone (±10%) | 1,200 | 3,800 | 7,500 | 12,500 | 20,000 |
| COVENANT DESIGN RECOMMENDATION Three tests require redesign for this asset class: (i) DSCR should be sculpted or tested on a look-forward stabilised basis through FY2029–FY2030; (ii) net debt/EBITDA is structurally elevated during construction of a yielding asset base and should be replaced by LTV plus interest-cover during the build phase; (iii) a units-delivered and occupancy milestone covenant gives lenders earlier and better warning of plan slippage than any financial ratio. Cash-sweep above a R300m floor until DSCR exceeds 1.35x completes the package. |
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Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Urbanova Living Developments (Pty) Ltd.