NEDBANK LIMITED - Nedbank Limited - Hybrid Debt Instruments voluntary offer

Nedbank Limited - Hybrid Debt Instruments voluntary offer

Nedbank Limited Reg No 1951/000009/06
Incorporated in the Republic of South Africa
(“Nedbank” or “the Issuer”)
JSE Code: NEDH1B
ISIN No: ZAG000053711


NEDBANK LIMITED – Hybrid Debt Instruments voluntary offer


This notice relates to the Nedbank Limited NEDH1B hybrid debt instruments
(“Notes”, ISIN No.: ZAG000053711), listed on the Interest Rate Market under
Nedbank’s Domestic Medium Term Note Programme. Holders of these Notes are
referred to the SENS announcement released on the 20th of November 2014
notifying   investors    of   a   full   capital   redemption   following   a   capital
disqualification event.


The terms and conditions of the Notes state that the redemption amount will
be the aggregate outstanding principal amount plus interest accrued to the
redemption date.


However, the Issuer is offering to purchase the Notes at a clean price of
103.5 plus accrued and unpaid interest up to but excluding the settlement
date (the “Purchase Offer”). The trade date of the Purchase Offer will be the
12th of January 2015 and the settlement date will be the 15th of January 2015.


Investors wishing to sell the Notes          to the Issuer are       required to give
telephonic notification to Ronelle Singh or Lusanda Ndesi on 011 535 4027
before 11am on the 12th of January 2015.


To address reinvestment risk Nedbank         will also offer     a   new Tier 2 sub-
ordinated bond issued under the DMTN programme (the “New Notes”).


The New Notes will have the following terms and conditions amongst others:


Tenor: 10 year no call 5
Trade date: 12 January
Settlement date: 15 January
Status of the notes: unsecured, sub-ordinated
                                                                                 2

Loss absorption mechanism: write-off
Interest profile: floating rate note
Issue price: at par
Interest margin: 275 basis points over the benchmark
Benchmark: 3 month JIBAR


Holders of the Notes will be afforded preferential allocation in the issuing
of the New Note, although all investors will be afforded the opportunity to
participate in the issue. A termsheet and draft Applicable Pricing Supplement
containing full terms and conditions in respect of the New Notes will be
distributed at a later date. The New Notes will be listed on the Interest
Rate Market under the DMTN programme and formal application will be made to
the JSE for approval to issue the New Notes in due course.


In the absence of telephonic notification of participation in the Purchase
Offer, the full capital redemption of the Notes will take place on the 15th of
January 2015 at the outstanding capital (par) amount plus accrued interest as
per the terms and conditions and as communicated in the SENS announcement
released on the 20th of November 2014.


3 December 2014


Sponsor
Nedbank Capital


For further information please contact:
Mike Davis (Executive Head: Group Asset, Liability and Capital Management)
Tel: +27 (0)11 295 7282, email: MichaelDav@nedbank.co.za


Paul Bowes (Head: Funding and Liquidity Risk)
Tel: +27 11 294 3903, email: PaulBo@nedbank.co.za


Ronelle Singh (Dealer and Debt Sponsor)
Tel: +27 11 535 4027, email: RonelleSi@nedbankcapital.co.za

Date: 03/12/2014 04:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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