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ABK1 ABK2 ABKI01 ABKI02 ABKI04 ABKS1 ABK5 ABK3 ABK10 ABK9 ABK11 ABK12 ABK4 ABK6 ABK7 ABK8 ABKI03 201609050022A
Impact of repurchase of notes issued under African Bank’s USD6 billion EMTN Program
AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
(“the Bank” or “African Bank”)
Impact of repurchase of notes issued under African Bank’s USD6 billion EMTN Program
African Bank hereby announces that it has repurchased certain notes issued under its USD6 billion
Euro Medium Term Note Program (“Notes” or “the Notes”) which, together with certain open
market repurchases and the Tender Offer announced on 14 July 2016 via the JSE Limited News
Service (“Impact of Tender Offer in respect of notes issued under African Bank’s US$6 billion Euro
Medium Term Note Program”), results in the following aggregate principal amount of its Euro
Medium Term Notes remaining outstanding after the 5 September 2016 settlement date:
- USD 345 million in respect of USD denominated Notes; and
- CHF 157 million in respect of CHF denominated Notes.
The total USD equivalent of the nominal amount of Notes acquired by the Bank (excluding any
payment made in respect of interest accrued thereon and as further set out in the table below) was
USD 207 million, based on the closing USD/CHF exchange rate as at 31 August 2016.
Further details of the aggregate principal amount of Notes repurchased in each series and the Notes
remaining outstanding after the settlement date are contained in the table below. All amounts in the
respective underlying currency of each series of bonds in the table below are expressed in millions
and percentages refer to the original nominal amounts of each series of bonds.
Repurchased as per Repurchases as per Remaining Principal
previous announcement this announcement Amount Outstanding(1)
Series ISIN Principal Percent Principal Percent Principal Percent
Amount(m) Amount(m) Amount(m)
USD 280m XS1390060546 31.8 11.3% 76.7 27.4% 171.6 61.3%
8.125% Notes
due Oct 2020
USD 280m 6% XS1390059969 74.3 26.5% 57.4 20.5% 148.3 53.0%
Notes due Feb
2020
USD 25.6m XS1390059969 0 0.0% 0 0.0% 25.6 100.0%
2.4% Notes
due Nov 2018
CHF 140m 5% CH0310140600 89.6 64.0% 15.7 11.2% 34.7 24.8%
Notes due Apr
2022
CHF 84m 5.5% CH0310140584 30.3 36.1% 19.3 23.0% 34.4 40.9%
Notes due Jun
2021
CHF100m 4% CH0310140568 46.8 46.8% 7.5 7.5% 45.7 45.7%
Notes due Ju
2020
CHF 120m CH0310140543 48.9 40.7% 29.3 24.4% 41.8 34.9%
4.75% Notes
due March
2022
(1) Excluding any Notes beneficially held by, or behalf of, the Bank or any of its subsidiaries.
Separate announcements have been released on the relevant news service operated by each of the
London Stock Exchange (“LSE”) and the Swiss Exchange (“SIX”) in respect of the bonds repurchased,
as listed on each of those exchanges.
Midrand
5 September 2016
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/09/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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