Urbanova — Indicative Senior Facility Term Sheet
The indicative senior facility term sheet (analyst draft) underpinning Urbanova.
Section 33 · Business Plan
Indicative Senior Facility Term Sheet
The indicative senior facility term sheet (analyst draft) underpinning Urbanova.
| Term | Indicative position |
|---|---|
| Borrower | Urbanova Living Developments (Pty) Ltd (with ring-fenced propcos per precinct) |
| Facilities | Facility A: R3.6bn term (rental portfolio); Facility B: R1.5bn development facility (sales programme); R400m standby RCF |
| Tenor | Facility A: 15 years door-to-door; Facility B: 5 years, repaid from unit-transfer proceeds |
| Pricing | JIBAR + 240–275bps; green tranche (EDGE-certified assets) JIBAR + 190–230bps |
| Amortisation | Facility A sculpted to ≥1.20x DSCR from FY2029; Facility B cash-sweep from transfers |
| Security | Mortgage bonds over all properties; cession of leases, insurances and collection accounts; share pledges over propcos |
| DSRA | R250m funded at close; 6 months’ forward debt service maintained |
| Key covenants | Sculpted DSCR; LTV ≤ 55% (book); interest cover ≥ 2.0x; units-delivered & occupancy milestones; cash sweep < 1.35x DSCR |
| Conditions precedent | Named executive team; Phase 1 land secured; EPC contracts ≥70% fixed-price; QS-verified cost plan; ESG action plan (IFC PS) |
| Distributions | Locked until DSCR ≥ 1.35x for two consecutive test dates and Phase 2 practical completion |
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.