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NTCG01-New Debt Instrument
Clindeb Investments Limited
JSE Code: NTCG01
ISIN No: ZAG000174798
New Listing of a sustainability-linked bond
The JSE Limited (the “JSE”) has granted a listing to Clindeb Investments Limited (the “Issuer” and a wholly-
owned subsidiary of Netcare Limited (“Netcare” or “the Group”) which undertakes the treasury function
on behalf of the Group) for the listing of the NTCG01 Senior Unsecured Floating Rate Notes (the “Notes”)
on the interest rate market with effect from 19 March 2021 pursuant to the Issuer’s debt programme dated
1 April 2016.
This bond marks the successful launch of Africa’s first sustainability-linked bond in partnership with
Standard Bank, who acted as sole arranger and sustainability agent.
The unsecured bond of R1 billion represents a unique opportunity to raise capital at a competitive coupon
rate. In addition, the Group will benefit from a reduction in the amount of annual interest to be paid if
certain pre-agreed performance targets linked to the bond are achieved in respect of climate change
mitigation and water efficiency.
The majority of the proceeds from the bond will be utilised to refinance debt maturities falling due in
2021 and will therefore have a neutral effect on the Group’s total net debt levels.
Details of the issue:
Bond Code NTCG01
Nominal Issued R1,000,000,000
Issue Price 100%
Coupon 5.408% (3 Month JIBAR as at 12 March 2021 of 3.658% plus 175 bps)
Coupon Rate Indicator Variable
Trade Type Price
Final Maturity Date 19 March 2024
Books Close 9 March, 9 June, 9 September, 9 December
Interest Payment Date(s) 19 March, 19 June, 19 September, 19 December
Last Day to Register By 17:00 on 8 March, 8 June, 8 September, 8 December
Issue Date 19 March 2021
Date Convention Following
Interest Commencement Date 19 March 2021
First Interest Payment Date 19 June 2021
Step Down Date 19 March 2023
Step Down Margin 10 bps
ISIN No. ZAG000174798
Date: 17 March 2021
Debt Sponsor: Standard Bank of South Africa
Date: 17-03-2021 01:36:00
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