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FRC299 FRC323 FRC341-Notification of Credit Event Called, the Write-Down of Notes and Amendments for Manifest Error
FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
Issuer code: FRII
LEI: ZAYQDKTCATIXF9OQY690
Bond Code: FRC299 ISIN: ZAG000159575
Bond Code: FRC323 ISIN: ZAG000163874
Bond Code: FRC341 ISIN: ZAG000168675
(FRB)
NOTIFICATION OF A CREDIT EVENT CALLED BY FRB AND THE WRITE-DOWN OF NOTES DUE
TO A CREDIT EVENT CALLED BY FRB AND AMENDMENT OF PRICING SUPPLEMENTS FOR A
MANIFEST ERROR
NOTIFICATION OF A CREDIT EVENT CALLED BY FRB
FRC341 noteholders are advised that FRB hereby gives notice, in accordance with the terms and
conditions of the R30 000 000 000.00 note programme dated 29 November 2011 as amended from
time to time, of the occurrence of a credit event on the FRC341 notes, which referenced the J. C.
Penney Company Inc as a constituent of the underlying reference index, the Markit CDX North America
High Yield Index, as set out in paragraph 93(e) of the applicable pricing supplement of the FRC341
notes.
NOTIFICATION OF A WRITE-DOWN OF NOTES DUE TO A CREDIT EVENT CALLED BY FRB
FRC299 and FRC323 noteholders are referred to the SENS announcement released on 19 May 2020
whereby FRB notified noteholders of a credit event on the FRC299 and FRC323 notes which referenced
the J. C. Penney Company Inc as a constituent of the underlying reference index, the Markit CDX North
America High Yield Index.
FRB hereby gives notice to the FRC299, FRC323 and FRC341 noteholders, in accordance with the
terms and conditions of the ZAR30 000 000 000.00 note programme dated 29 November 2011, as
amended from time to time, of the following details of the write-down applicable in accordance with
paragraph 51(D) of each of the FRC299, FRC323 and FRC341 pricing supplements, with the
effective/pay date being 17 June 2020.
Bond code: FRC299
ISIN: ZAG000159575
Amount before write-down: ZAR 93 000 000.00
Write-down amount: ZAR 1 000 000.00
Amount after write-down: ZAR 92 000 000.00
Bond code: FRC323
ISIN: ZAG000163874
Amount before write-down: ZAR 61 100 000.00
Write-down amount: ZAR 650 000.00
Amount after write-down: ZAR 60 450 000.00
Bond code: FRC341
ISIN: ZAG000168675
Amount before write-down: ZAR 188 000 000.00
Write-down amount: ZAR 2 000 000.00
Amount after write-down: ZAR 186 000 000.00
The portion of the FRC299, FRC323 and FRC341 notes impacted by the credit event will be cash settled
with the amount of cash due being:
Bond code: FRC299
Cash Amount: ZAR 0.00
Bond code: FRC323
Cash Amount: ZAR 0.00
Bond code: FRC341
Cash Amount: - ZAR 444 040.95*
*For this note, the cash amount will form part of the aggregate Unwind Costs Difference as set out in
Annex 3 of the FRC341 pricing supplement, in accordance with the terms and conditions of the notes.
The record date in respect of the credit event will be Friday, 12 June 2020.
The pricing supplements will be amended as follows:
1. to remove the above-mentioned entity and update the weightings from Annexure 2 in each
pricing supplement;
2. the Aggregate Nominal Amount in paragraph 7(a) in each of the pricing supplements will be
amended to the above-mentioned amounts after the write-down;
3. the Number of Notes in paragraph 9 of the pricing supplements will be amended to cater for
the above-mentioned write-down; and
4. Annex 3 of the FRC341 pricing supplement has been updated to reflect the amount deductible
from the upcoming interest payment on 20 June 2020, as adjusted in accordance with the
business day convention.
The amended pricing supplements will be made available on the FRB website at
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/.
NOTIFICATION OF AN AMENDMENT OF PRICING SUPPLEMENTS FOR A MANIFEST ERROR
FRB hereby gives notice to the FRC299 and FRC323 noteholders, in accordance with the terms and
conditions of the ZAR30 000 000 000.00 note programme dated 29 November 2011 as amended from
time to time and in accordance with paragraph 7.26(a) of the JSE Limited Debt Listings Requirements
of the following amendment to each of the FRC299 and FRC323 applicable pricing supplements:
• Line 20(a) is amended by the deletion of “b” in the statement “Yes, subject to the provisions of
paragraph 93(b)” and the replacement thereof with “c”, such that the statement now reads “Yes,
subject to the provisions of paragraph 93(c)”.
This amendment was required as the reference to paragraph 93(b) in each of the pricing supplements
was a manifest error. The amended pricing supplements will be made available on the FRB website at
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/.
11 June 2020
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 11-06-2020 10:45:00
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