ACCELERATE PROPERTY FUND LIMITED - Notification of change to Accelerates credit rating

Notification of change to Accelerate’s credit rating

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 2005/015057/06)
JSE code: APF ISIN code: ZAE000185815
Bond company code: APFE
LEI: 378900D514788C447E45
(REIT status approved)
("Accelerate" or the "Company")


NOTIFICATION OF CHANGE TO ACCELERATE'S CREDIT RATING


Noteholders are advised that GCR Ratings has changed Accelerate's national scale long-term and short-
term issuer ratings to C(ZA) and C(ZA) from B(ZA) and B(ZA), respectively, with the outlook on all ratings
remaining on Rating Watch Negative. The downgrades were assigned due to an increasing risk of a
near-term default/distressed debt exchange. Concurrently, the Senior Secured Notes long-term issue
credit ratings have been downgraded to CCC+(ZA)(EL) from BB(ZA)(EL), with effect from 25 February
2025.

Accelerate is engaging with its funding partners to extend the term of their current term loan facilities
and the maturity date of the notes for a period of two years to 31 March 2027, given that R1 billion is
maturing at the end of February 2025 and R1.4 billion will be maturing at 31 March 2025.

Against the backdrop of the various revitalisation initiatives which have been implemented in respect
of the Company's largest asset, Fourways Mall, as well as the successful implementation of Accelerate's
asset disposal plan, the board of directors believes that the Company is in good position to conclude
the refinancing. The refinancing process is expected to conclude by mid to end March 2025, after which
shareholders and noteholders will be informed of the outcome of these engagements.

Fourways
25 February 2025

Equity and Debt Sponsor
Questco Corporate Advisory

Date: 25-02-2025 04:05:00
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