Asset Cover certificate
Awaiting price reaction for this filing.
Cube Highways Trust has submitted its Security Cover Certificate for the quarter ended March 31, 2025, certified by statutory auditor S.B. Billimoria & Co. LLP. The Trust holds four series of listed non-convertible debentures (NCDs) with coupons of 7.49%, 7.95%, 7.67%, and 7.59%, with total outstanding listed debt of Rs 30,686 million. The pari-passu security cover ratio stands at 1.89:1, well above the 1:1 minimum required under the Debt Security Trust Deed, backed by total security cover of Rs 2,84,014.51 million against secured debt of Rs 1,50,539.86 million. All financial covenants are met: DSCR of 1.73x (vs minimum 1.25x), overall debt of Rs 152,063.65 million (below the Rs 200,034.01 million permitted limit), and consolidated debt-to-enterprise value ratio of 44.65% (below the 60% cap). The Trust confirms full compliance with all covenants related to its listed NCDs.
This is a routine regulatory disclosure confirming the InvIT comfortably meets all asset cover and financial covenant requirements for its NCD holders. Positive for bondholders as the 1.89x cover and 1.73x DSCR indicate strong debt-servicing ability, with no near-term stress signals. No material impact expected on the listed NCDs or unit price.