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Notice of Physical Settlement - CLN329, CLN330, CLN331, CLN342
THE STANDARD BANK OF SOUTH AFRICA LIMITED
(REGISTRATION NUMBER 1962/000738/06) – NOTICE OF PHYSICAL SETTLEMENT IN RESPECT OF
CLN329, CLN330, CLN331 and CLN342
NOTICE IS GIVEN TO ALL HOLDERS OF:
1. CLN329 ZAR20,000,000 EDCON LIMITED LISTED NOTES DUE 20 June
2017 (ISIN Code: ZAG000105982) issued on 24 May 2013;
2. CLN330 ZAR78,000,000 EDCON LIMITED LISTED NOTES DUE 20 June
2017 (ISIN Code: ZAG000105990) issued on 24 May 2013;
3. CLN331 ZAR22,000,000 EDCON LIMITED LISTED NOTES DUE 20 June
2017 (ISIN Code: ZAG000106006) issued on 24 May 2013; and
4. CLN342 ZAR25,000,000 EDCON LIMITED LISTED NOTES DUE 20 June
2017 (ISIN Code: ZAG000109489) issued on 20 September 2013,
(CLN329, CLN330, CLN331 and CLN342 hereafter collectively
referred to as the “CLN’s”) in terms of The Standard Bank of
South Africa Limited’s ZAR60,000,000,000 Structured Note
Programme dated 01 February 2012 (the “Programme”).
This constitutes a Notice of Physical Settlement as contemplated
in the Programme (the/this “Notice”).
Capitalised terms used and not otherwise defined in this Notice
shall have the meanings assigned to them in the Pricing
Supplements in respect of the CLN’s, as read together with the
Programme.
We, The Standard Bank of South Africa Limited, refer to the
Credit Event announcement in respect of the CLN’s dated 14
December 2015 submitted by means of the Securities Exchange News
Service (“SENS”) of the JSE.
As per the aforementioned Credit Event announcement, a Credit
Event has occurred in respect of Edcon Limited, being the
Reference Entity under each of the CLN’s. As a result the Notes
under each such CLN shall be redeemed in accordance with the
applicable Settlement Method, being Physical Settlement, by
Delivery of the following Deliverable Obligations:
A. in respect of CLN329: such portion of the Tranche A Loan with
an Outstanding Principal Balance equal to ZAR20,000,000;
B. in respect of CLN330: such portion of the Tranche A Loan with
an Outstanding Principal Balance equal to ZAR78,000,000;
C. in respect of CLN331: such portion of the Tranche A Loan with
an Outstanding Principal Balance equal to ZAR22,000,000; and
D. in respect of CLN342: such portion of the Tranche A Loan with
an Outstanding Principal Balance equal to ZAR25,000,000,
in each case excluding accrued but unpaid interest, and less
such Deliverable Obligations with a market value as determined
by the Calculation Agent in accordance with the provisions of
the Programme to take into account any applicable Unwind Costs
and/or Delivery Expenses. For purposes of this Notice, “Tranche
A Loan” means the “Tranche A Loan” under the ZAR4,120,000,000
Term Loan Facility Agreement between (among others) Edcon
Holdings Limited, Edcon Limited and the lenders named therein,
dated 28 March 2013 as amended on 2 May 2014 and on 27 November
2015.
Nothing herein shall be construed as a waiver of any rights we
may have with respect to the CLN’s.
Dated 27 January 2016
Sponsor – The Standard Bank of South Africa Limited
Further information on the Note issued please contact:
Johann Erasmus SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za
Date: 27/01/2016 02:10:00 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.
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