BILB-Update on Liability Solution and Termination of Credit Rating Agency Service
BILB-Update on Liability Solution and Termination of Credit Rating Agency Service
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(“Land Bank” or the “Issuer”)
For release: 30 March 2021
UPDATE ON LIABILITY SOLUTION AND TERMINATION OF CREDIT RATING AGENCY SERVICE
We refer to the SENS announcement issued on 14 January 2021 where an update on the Liability Solution
was provided. Since then a R7 billion equity appropriation was announced by the Minister of Finance in his
Budget speech of 24 February 2021. Land Bank continues to work with all of its lenders towards a Liability
Solution that meets any conditions attached to this R7 billion equity appropriation and to bring Land Bank out
of its event of default situation.
This proposed Liability Solution will not require Land Bank to have a credit rating and therefore a decision was
taken to terminate the existing credit rating service conducted through Moody’s.
The listed notes remain suspended until further notice.
Enquiries
Land and Agricultural Development Bank of South Africa
Ayanda Kanana, Chief Executive Officer
Khensani Mukhari, Chief Financial Officer
Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 074 159 6833
Debt Sponsor
The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division
(registration number: 1962/000738/06)
Contacts: Ms Natalie Di-Sante
Email: Natalie.di-sante@standardbank.co.za
Tel: +27 (0) 11 721 6125
End
Date: 30-03-2021 03:48:00
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