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Blue Granite Investments N0 3 (Pty) Ltd - Blue Granite 3 Amendment Announcement

Release Date: 16/11/2012 08:02
Code(s): BG32DU BG32A2 BG32A3 BG32A4 BG32B BG32C BG32A1 BG32YU     PDF:  
Wrap Text
Blue Granite 3 Amendment Announcement

Blue Granite Investment No 3 (Proprietary) Limited – Amendment
Announcement

Date: 16 November 2012

Blue Granite Investment No 3 (Proprietary) Limited

Stock Code: BG32A1,      BG32A2,   BG32A3,   BG32A4,   BG32B,   BG32C,
BG32DU, BG32YU

ISIN Code: ZAG000090358, ZAG000090366, ZAG000090374,
ZAG000090382, ZAG000090390, ZAG000090408, ZAG000090481,
ZAG000090499

Authorised Programme size            R5,000,000,000
Total notes issued                   R2,483,000,000

Sponsor: Standard Bank

TEMPORARY WAIVER OF CERTAIN CONTRACTUAL REQUIREMENTS BY BLUE
GRANITE INVESTMENTS No.3 (PROPRIETARY) LIMITED (“BLUE GRANITE”)
FOLLOWING THE RECENT DOWNGRADE OF THE STANDARD BANK OF SOUTH
AFRICA LIMITED BY MOODY’S INVESTOR SERVICES

The R5,000,000,000 Asset Backed Note Programme established by
Blue Granite (“the Programme”), refers.

On 4 October 2012 Moody’s Investor Services reduced the short-
term local currency global scale rating of The Standard Bank of
South Africa Limited (“Standard Bank”) from Prime-1 to Prime-2
(“the Downgrade”).

As a consequence, Standard Bank no longer has:

  1) the Required Credit Rating to act as counter party, as set
     out in the Transaction Documents, in respect of a number of
     functions (including but not limited to its functions as
     the Account Bank, the GIC Provider, the entity with which
     Permitted Investments may be held, the Servicer (in
     relation to the requirement to sweep Collections daily from
     the Collections Account into the Issuer's Transaction
     Account), the Seller and the Derivative Counterparty)
     (collectively referred to as “the Functions”); or

  2) the First Trigger Required Ratings, as defined in the
     Schedule to the ISDA Master Agreement, published by the
     International Swaps and Derivatives Association (“ISDA”),
     dated as of 31 October 2011 (“the Schedule”).

Investors are hereby informed that:

  1) Blue Granite, with the consent of Blue Granite No. 3
     Security SPV (Proprietary) Limited (“the Security SPV”),
     has engaged the Rating Agency with a view to obtaining its
     confirmation that the Downgrade, and amendments to the
     definition of “First Trigger Required Ratings” in the
     Schedule, will not adversely affect its ratings of the
     notes   in   issue  under   the  Programme  (“the   Rating
     Affirmation”);

  2) pending the Rating Affirmation, Blue Granite and the
     Security   SPV  have   agreed  to   temporarily  waive  all
     requirements provided for in the Transaction Documents,
     including but not limited to the Schedule, that have arisen
     or may arise as a result of the Downgrade, until 31 January
     2013 or the further downgrading of Standard Bank by Moody’s
     Investor Services, whichever occurs earlier; and

  3) upon receipt of the Rating Affirmation:

       a. Standard Bank will again have the Required Credit
          Rating in respect of Standard Bank’s performance of
          each of the Functions, in that it will have “such
          other rating ... which the Rating Agency confirms in
          writing will not adversely affect its respective
          current Ratings of the Notes in issue” (as provided
          for in the definition of “Required Credit Rating”);
          and

       b. the definition of “First Trigger Required Ratings” in
          the Schedule will be amended by the parties thereto to
          provide for the amended rating levels agreed to by the
          Ratings Agency as a result of the Downgrade.

Further information on the Note issued please contact:
Mike Brunke              SBSA (Sponsor)      (011) 378 8101
Email: mike.brunke@standardbank.co.za

Date: 16/11/2012 08:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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