March 20, 2020 / 5:23 AM / 13 days ago

BRIEF-Redefine Properties Says Implemented Balance Sheet Management In A Time Of COVID-19 Crisis

March 20 (Reuters) - Redefine Properties Ltd:

* JSE: RDF - RDFC49 - BALANCE SHEET MANAGEMENT IN A TIME OF CRISIS

* REDEFINE PROPERTIES - LOAN-TO-VALUE (“LTV”) RATIO AT 29 FEBRUARY 2020 IS EXPECTED TO BE MATERIALLY UNCHANGED FROM POSITION AT 31 AUGUST 2019

* REDEFINE PROPERTIES-IMPLEMENTED CURTAILMENT ON DISCRETIONARY COSTS TO MAKE ALLOWANCE ON ANTICIPATED COSTS ON INITIATIVES TO COMBAT SPREAD OF COVID-19

* REDEFINE - WITHIN ALL DEBT COVENANTS, MOST STRINGENT OF WHICH BEING A MAXIMUM GROUP LTV LEVEL OF 50% AND AN INTEREST COVER RATIO OF 2 TIMES

* REDEFINE PROPERTIES - NORMAL DOMESTIC TRADING HAS NOT YET BEEN MATERIALLY IMPACTED, AS AT MARCH 20

* REDEFINE PROPERTIES LTD - HAS A STRONG LIQUIDITY POSITION WITH ACCESS TO R2.8 BILLION IN COMMITTED UNDRAWN CREDIT FACILITIES

* REDEFINE PROPERTIES LTD - INTRODUCTION OF AN EQUITY PARTNER INTO ITS POLISH LOGISTICS OPERATIONS SUCCESSFULLY CLOSED ON 10 MARCH 2020 Source text for Eikon: Further company coverage:

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