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BILB-Interest Payment Calculations
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(“Land Bank” or the “Issuer”)
Interest payments calculations
In the SENS announcements dated 11 January 2021 and 14 January 2021, Land Bank provided details on the offer to buy back 12% of nominal amount outstanding on notes issued in terms of the Domestic
Medium Term Note Programme (“DMTN”). The SENS announcement indicated that the Purchase Price would be comprise of the 12% of the aggregate Nominal Amount plus accrued but unpaid interest in
respect of each relevant Buy-Back Offer Note. The 12 % of the aggregate Nominal Amount for each note was set out in above mentioned SENS announcements. This SENS provides details on the accrued,
but unpaid interest (calculated in accordance with the Terms and Conditions) from the last Interest Payment Date to the relevant Settlement Date that will be paid out in addition to the 12% of aggregate
Nominal Amount.
The interest that the noteholders will receive for each of the notes on the relevant settlement date is set out in the table below for each note.
In respect of the matured bonds, LBK22 and LBK36, as referred to in the SENS announcements dated 11 January 2021 and 20 January 2021, a further SENS announcement will be sent out to communicate
that the exact settlement date will be 11 February 2021.
In relation to the interest calculation on the LBK38 Notes, a separate SENS announcement will be published in due course due to the applicable interest rate being reset on 16 February 2021.
Bond Nominal on Coupon Nature Last Reset Date Settlement Date No. of Days Percentage 12% of Accrued Purchase Trade Date
Code offer Rate of Since Last of Nominal Nominal interest Price
(%) interest Reset Date being
tendered
LBK15 1 375 000 000 6.650 Floating 12 January 2021 12 February 2021 31 12% 165 000 000 931 911 165 931 911 09 February 2021
LBK18 733 000 000 6.483 Floating 22 December 2020 12 February 2021 52 12% 87 960 000 812 403 88 772 403 09 February 2021
LBK23 611 000 000 5.792 Floating 07 December 2020 15 February 2021 70 12% 73 320 000 814 435 74 134 435 10 February 2021
LBK26 245 000 000 5.123 Floating 23 December 2020 16 February 2021 55 12% 29 400 000 226 956 29 626 956 11 February 2021
LBK27 2 020 000 000 5.783 Floating 23 December 2020 17 February 2021 56 12% 242 400 000 2 150 706 244 550 706 12 February 2021
LBK30 306 000 000 4.983 Floating 21 December 2020 18 February 2021 59 12% 36 720 000 295 769 37 015 769 15 February 2021
LBK31 920 000 000 5.583 Floating 21 December 2020 19 February 2021 60 12% 110 400 000 1 013 200 111 413 200 16 February 2021
LBK32 500 000 000 5.582 Floating 08 February 2021 22 February 2021 14 12% 60 000 000 128 462 60 128 462 17 February 2021
2
LBK33 750 000 000 5.742 Floating 07 December 2020 15 February 2021 70 12% 90 000 000 991 085 90 991 085 10 February 2021
LBK35 1 000 000 000 5.483 Floating 28 December 2020 24 February 2021 58 12% 120 000 000 1 045 525 121 045 525 19 February 2021
LBK37 800 000 000 5.483 Floating 28 December 2020 25 February 2021 59 12% 96 000 000 850 841 96 850 841 22 February 2021
LBK28 925 000 000 10.565 Fixed 16 November 2020 19 February 2021 95 12% 111 000 000 3 052 272 114 052 272 16 February 2021
LBK29 765 000 000 9.715 Fixed 07 December 2020 22 February 2021 77 12% 91 800 000 1 881 410 93 681 410 17 February 2021
LBK20 795 000 000 10.200 Fixed 08 December 2020 23 February 2021 77 12% 95 400 000 2 052 799 97 452 799 18 February 2021
LBK24 805 000 000 10.290 Fixed 12 October 2020 24 February 2021 135 12% 96 600 000 3 676 490 100 276 490 19 February 2021
1 506 000 000 19 924 264 1 525 924 264
Please note the following important points:
1. In the table above, Purchase Price is defined as 12% of the aggregate Nominal Amount, of the relevant Buy-Back Offer Notes held by each Noteholder on the Participation Date plus any accrued, but
unpaid interest (calculated in accordance with the Terms and Conditions) from the last Interest Pay ment Date to the Settlement date on such 12% of the total Nominal Participation Date. To be noted that
the Purchase Price will be rounded off to the nearest Rand (the Purchase Price will not include cents).
2. Noteholders have requested that the Buy-Back trades are not reflected as market trades, and the JSE have confirmed that these trades should be booked as structured deals. Noteholders are therefore
requested to instruct their members to tick the “structured deal” flag/box when booking these trades on the Neutron system.
3. Trades will be booked on Consideration and not Price.
Unlisted notes that are settled through Strate
Please note that Land bank has engaged bilaterally with the holders of certain unlisted notes. Where pursuant to those discus sions, it has been agreed that the notes will settle through Strate, Land Bank is
able to confirm that the settlement date shall be 11 February 2021.
8 February 2021
Noteholders and potential investors are advised to continue to exercise caution when dealing in the Land Bank’s notes and securities.
3
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
Date: 08-02-2021 02:19:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
