| Thu 22 Feb 2024, 12:25 | | Step-Down Margin Notification: BAW37, BAW38, BAWGL1 AND BAWGL2 |
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Step-Down Margin Notification: BAW37, BAW38, BAWGL1 AND BAWGL2
Barloworld Limited
Registration number: 1918/000095/06
Alpha code: BIBAW
STEP-DOWN MARGIN NOTIFICATION: BAW37, BAW38, BAWGL1 AND BAWGL2
Capitalised terms and expressions are as defined in the applicable pricing supplements for BAW37,
BAW38, BAWGL1 and BAWGL2 ("APSs") and have the same meanings unless otherwise defined in
this announcement.
Noteholders are referred to Appendix 1 of the APSs and are advised that a Margin Adjustment Event
has occurred for instruments BAW37, BAW38, BAWGL1 and BAWGL2 following achievement of the
relevant KPI Conditions/Gender Performance Targets as set out in the Margin Adjustment Table/
Gender Performance Table of the relevant APSs.
As a result of the above, the Initial Margin will be decreased by the Step-Down Margin resulting in a
revised margin ("Revised Margin") for BAW37, BAW38, BAWGL1 and BAWGL2 as follows:
Instrument Initial Margin Step-Down Revised Margin Margin
(%) Margin (%) Adjustment
(%) Date
BAW37 1.45 (0.05) 1.40 12 January 2024
BAW38 1.65 (0.05) 1.60 12 January 2024
BAWGL1 1.42 (0.03) 1.39 22 February 2024
BAWGL2 1.60 (0.03) 1.57 22 February 2024
The Revised Margins will be applied for the forthcoming interest periods of 12 January to 12 April 2024
for BAW37 and BAW38, and 22 February to 22 May 2024 for BAWGL1 and BAWGL2.
The Sustainability Certificates for BAW37, BAW38, BAWGL1 and BAWGL2 are available on
Barloworld's website at www.barloworld.com/investors/debt-investors/
22 February 2024
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 22-02-2024 12:25:00
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