AFRICAN BANK LIMITED - Impact of repurchase of notes issued under African Banks USD6 billion EMTN Program

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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