Old Mutual Plc
Convertible Bond Issue
Old Mutual PLC ("Old Mutual") announced today that its wholly owned subsidiary
Old Mutual Finance (Cayman Islands) Limited has launched an offering of US$ 425
million in aggregate principal amount of Guaranteed Convertible Bonds due 2004
(the "Bonds"). The Bonds are guaranteed by Old Mutual and convertible into
preference shares of the Issuer which will then be exchanged for ordinary
shares of Old Mutual. There is an overallotment option of US$ 75 million. The
proceeds from the issue will be used in or towards the re-financing of the
acquisition of UAM Corp.
The coupon of the Bonds will be between 3.5 % and 4 % per annum and the
conversion price will be set at a premium of between 25 % and 30 % to the price
of Old Mutual shares at the time of pricing. The offering is expected to be
priced on 27 April 2001 and closing is expected on or about 2 May 2001
The senior unsecured debt obligations of the Guarantor are rated A2 by Moody's
Investors Service.
Application has been made for the Bonds to be admitted to trading on the London
Stock Exchange's market for listed securities. Stabilisation/SIB.
This notice does not and should not be construed as comprising an offer,
directly or indirectly, to South African or residents of other Southern African
States. This notice has been issued in compliance with a JSE requirement that
all Old Mutual shareholders be informed of the issue of the Bonds and the fact
that a copy of the Offering Circular issued in connection therewith and the
documentation referred to therein as being available for inspection may be
inspected at the addresses set out below:
Offices of Old Mutual:
Mutualpark
Jan Smuts Drive
Pinelands
Cape Town
Old Mutual Building
2nd Floor
Hamelberg Street
Bloemfontein
"1066"
4th Floor
35 Pritchard Street
Johannesburg
Old Mutual Centre
19th Floor
303 West Street
Durban
Caxton House
10th Floor
Terminus Street
East London
Old Mutual Building
127 Provident Street
Unit 4
Mmabatho CBD
Mmabatho
Mutual Place
17 Louis Trichardt Street
Nelspruit
Old Mutual Building
1st Floor
78 Hans van Rensburg Street
Pietersburg
Old Mutual Building
9th Floor
64 Govan Mbeki Avenue
Port Elizabeth
Pretoria Regional Office
1st Floor, C Block
536 Schoeman Street
Pretoria
Mutual Building
32 Schroder Street
Upington
Sponsor's Offices:
Merrill Lynch South Africa (Pty) Limited
138 West Street
Sandown
Sandton
The information contained herein is not for distribution in the United States,
Canada or Japan. The information contained herein does not constitute an offer
of Bonds for sale in the United States, Canada or Japan. Bonds may not be
offered or sold in the United States unless they are registered under
applicable law or exempt from registration. The Bonds referred to herein have
not, and will not, be registered under the U.S. Securities Act of 1933 and may
not be offered or sold, subject to limited exceptions, directly or indirectly
into the United States. No money or other consideration is being solicited,
and, if sent in response to the information contained herein, will not be
accepted
26 April 2001
ENQUIRIES:
Old Mutual plc, London
James Poole, Director, Investor Relations Tel: +44 (0) 20 7569 0121
College Hill, London
Tony Friend Tel: +44 (0) 20 7457 2020
College Hill, South Africa
Gareth David Tel: (011) 447 3030
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
