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BILB-Announcement to All Financial Creditor Funders
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(“Land Bank”)
IMPORTANT ANNOUNCEMENT TO ALL FINANCIAL CREDITOR FUNDERS OF LAND BANK, INCLUDING
HOLDERS OF NOTES LISTED UNDER THE 2010 DMTN AND THE 2017 DMTN: SECOND PART CAPITAL
REDUCTION REPAYMENT
In the SENS announcement dated 14 January 2021, Land Bank provided the market with an update in respect of
the Liability Solution and has continued to engage with its lenders, including the holders of listed debt securities
issued under its JSE-listed ZAR20 billion DMTN Programme dated 18 October 2010 (“2010 DMTN”) and its
ZAR30 billion DMTN Programme dated 13 March 2017 (“2017 DMTN”) to progress towards a Liability Solution.
Land Bank has, since August 2020, repaid approximately 12% of the capital amount that was owing to its financial
creditor funders at the time of default (together with all associated interest).
Land Bank now wishes to facilitate a further payment equivalent to approximately 10% (ten percent) of the
outstanding capital amount owing to each financial creditor funder (lenders and holders of its debt instruments)
pursuant to each such party’s debt documents (the “Second Part Capital Reduction Repayment”) on the basis
set in this announcement. Land Bank plans to implement this payment in a manner that is, as far as is reasonably
possible, consistent with the INSOL principles.
Interest will be paid on the next contractual interest payment date. Lenders who will be receiving contractual
capital amortization payments from Land Bank in August or September 2021 will not be entitled to the Second
Part Capital Reduction Payment in addition to such contractual capital amortization payments.
Instrument Payment Date Payment Method
Call Bonds; 19 July 2021 Directly by Land Bank
Bank Overdrafts;
Loans with local banks; and
Loans with local DFIs
Unlisted instruments: 22 July 2021 STRATE
Promissory Notes and Bills; and
Step Rate Notes.
Listed and unlisted 2010 DMTN As soon as possible, after the STRATE
Notes and 2017 DMTN Notes amendments to the Applicable
Pricing Supplements to
facilitate redemption of part of
the notes have been approved
by the noteholders and the
relevant notice periods in
relation to a part redemption of
notes at the option of the
2
Issuer have expired (expected
towards end September 2021)
International DFIs and MIGA- On contractual payment dates Directly by Land Bank
guaranteed Lenders or as otherwise agreed
Funds due to noteholders under the 2010 DMTN and 2017 DMTN and certain of the offshore lenders will be ring
fenced in specific bank accounts and kept separate from Land Bank’s other operational funds from 19 July 2021
until their respective payment dates.
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
Dorothy Kobe, General Manager: Treasury- email address: DKobe@landbank.co.za
12 July 2021
Debt Sponsor
The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division
(registration number: 1962/000738/06)
Contacts: Ms Kea Sape
Email: Kea Sape
Tel: +27 (0) 11 721 5594
End
Date: 12-07-2021 02:31:00
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