Wrap Text
Successful inaugural notes issuance and listing of new financial instruments
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496 (“PAR Funding Company” or the “Debt
ADR ticker code: PAFRY Issuer”)
(“Pan African” or the “Company” or the “Group”)
SUCCESSFUL INAUGURAL NOTES ISSUANCE AND LISTING OF NEW FINANCIAL INSTRUMENTS
The Group and PAR Funding Company are pleased to announce that, following an oversubscribed
bookbuild for Senior Second Ranking Secured Sustainability-linked Notes (“Notes”) on 8 December
2022, it will issue Notes to the value of R800 million (US$46.4 million at an exchange rate of
US$/ZAR17.23).
Investors are advised that the listing date of the Notes will be Tuesday, 13 December 2022.
Cobus Loots, Chief Executive Officer of Pan African Resources, said: “We are delighted to be the first
mining company to issue a sustainability-linked bond in the South African market. These instruments
will further diversify our funding sources, with the proceeds of the issuance applied towards Pan
African’s attractive growth project pipeline.”
Final terms of the inaugural issue of the Notes under its ZAR5 billion domestic medium term note
programme dated 6 December 2022 are set out below:
Debt security code: PARS01 PARS02
ISIN: ZAG000192758 ZAG000192766
Type of debt security: Senior Second Ranking Secured Senior Second Ranking Secured
Listing: Sustainability segment of the JSE Sustainability segment of the JSE
Guarantors: Pan African Resources Plc; Pan African Resources Plc;
Evander Gold Mining Proprietary Evander Gold Mining Proprietary
Limited; Limited;
Barberton Mines Proprietary Barberton Mines Proprietary
Limited; Limited;
Evander Gold Mines Proprietary Evander Gold Mines Proprietary
Limited; and Limited; and
Pan African Resources SA Holdings Pan African Resources SA Holdings
Proprietary Limited Proprietary Limited
Issue date: 13 December 2022 13 December 2022
Issue price: 100% 100%
Nominal amount per ZAR1,000,000 ZAR1,000,000
note:
Aggregate nominal ZAR585,000,000 ZAR215,000,000
amount:
Reference rate: 3 Month ZAR-JIBAR 3 Month ZAR-JIBAR
Margin: 360 basis points to be added to 375 basis points to be added to
the Reference Rate the Reference Rate
Interest 13 December 2022 13 December 2022
commencement date:
Interest payment basis: Floating Rate Floating Rate
Interest rate 13 March, 13 June, 13 September 13 March, 13 June, 13 September
determination date(s): and 13 December (or the first and 13 December (or the first
Business Day of each Interest Business Day of each Interest
Period) of each year until the Period) of each year until the
Maturity Date, with the first Maturity Date, with the first
Interest Rate Determination Date Interest Rate Determination Date
being 8 December 2022 being 8 December 2022
First interest payment 13 March 2023, or, if such day is 13 March 2023, or, if such day is
date: not a Business Day, the Business not a Business Day, the Business
Day on which interest will be paid, Day on which interest will be paid,
as determined in accordance with as determined in accordance with
the Applicable Business Day the Applicable Business Day
Convention Convention
Interest payment 13 March, 13 June, 13 September 13 March, 13 June, 13 September
dates: and 13 December, of each year and 13 December, of each year
until the Maturity Date or, if such until the Maturity Date or, if such
day is not a Business Day, the day is not a Business Day, the
Business Day on which interest Business Day on which interest
will be paid, as determined in will be paid, as determined in
accordance with the Applicable accordance with the Applicable
Business Day Convention Business Day Convention
Last day to register: By 17h00 on 2 March, 2 June, 2 By 17h00 on 2 March, 2 June, 2
September and 2 December, of September and 2 December, of
each year until the Maturity Date, each year until the Maturity Date,
or if such day is not a Business or if such day is not a Business
Day, the Business Day before each Day, the Business Day before each
Books Closed Period Books Closed Period
Books close: The Register will be closed from 3 The Register will be closed from 3
March to 12 March, 3 June to 12 March to 12 March, 3 June to 12
June, 3 September to 12 June, 3 September to 12
September and 3 December to 12 September and 3 December to 12
December of each year until the December of each year until the
Maturity Date (all dates inclusive), Maturity Date (all dates inclusive),
or if any early redemption occurs, or if any early redemption occurs,
10 Days prior to the actual 10 Days prior to the actual
Redemption Date Redemption Date
Business day Following Business Day Following Business Day
convention:
Maturity date: 13 December 2025 13 December 2027
Final maturity amount: 100% 100%
Summary of additional Please refer to Appendix 1 of the Please refer to Appendix 1 of the
terms: Applicable Pricing Supplement Applicable Pricing Supplement
relating to Sustainability-Linked relating to Sustainability-Linked
Bonds Bonds
Total Programme ZAR5,000,000,000 ZAR5,000,000,000
amount authorised:
Dealer: Rand Merchant Bank, a division of Rand Merchant Bank, a division of
FirstRand Bank Limited FirstRand Bank Limited
Copies of the applicable pricing supplements, including the sustainability-linked framework and the
Independent Sustainability Advisor’s signed opinion, can be downloaded from the Pan African website
at https://www.panafricanresources.com/investors/domestic-medium-term-note-programme/ and
https://www.panafricanresources.com/investors/sustainability-linked-finance-framework/,
respectively.
Certain information communicated in this announcement was, prior to its publication, inside
information for the purposes of Article 7 of Regulation 596/2014.
Rosebank
9 December 2022
JSE Debt Sponsor Legal Advisor
Questco Corporate Advisory Proprietary Bowman Gilfillan Inc.
Limited
Paying Agent, Issuer Agent, Transfer Agent and Settlement Agent
First Rand Bank Limited (acting through its Rand Merchant division)
Date: 09-12-2022 02:40:00
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