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PPC LIMITED - Execution of irrevocable and unconditional Notes Guarantee by Notes Guarantors in favour of Noteholders

Release Date: 24/06/2016 17:30
Code(s): PPC004 PPC002 PPC003 PPC     PDF:  
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Execution of irrevocable and unconditional Notes Guarantee by Notes Guarantors in favour of Noteholders

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE / ZSE Equity Code: PPC ISIN: ZAE000170049
JSE Bond Code: PPC002       ISIN: ZAG000111212
JSE Bond Code: PPC003       ISIN: ZAG000117524
JSE Bond Code: PPC004       ISIN: ZAG000117532
("PPC" or the "Company")

EXECUTION OF IRREVOCABLE AND UNCONDITIONAL NOTES GUARANTEE BY NOTES
GUARANTORS IN FAVOUR OF NOTEHOLDERS

Holders of the Company’s securities are advised that the Company has
fulfilled all of the conditions precedent under the Liquidity and
Guarantee Facility Agreement (the Facility) required to give effect
to the provision by each of Absa Bank Limited (acting through its
Corporate and Investment Banking division), FirstRand Bank Limited
(acting through its Rand Merchant Bank division), Nedbank Limited
(acting through its Corporate and Investment Banking division) and
The Standard Bank of South Africa Limited (acting through its
Corporate and Investment Banking division) (collectively, the Notes
Guarantors) of an irrevocable and unconditional pro rata guarantee
(the Notes Guarantee) in favour of noteholders of the Company’s
outstanding notes, who following the recent ratings downgrade of the
Company’s rating, elect to have the Company redeem the notes held by
them or are desirous of exchanging their notes for notes with terms
detailed in the Issuer Redemption and Consent Notice published by
the Company on the Stock Exchange News Service of the JSE Limited on
Thursday, 2 June 2016.

The Facility and the Notes Guarantee have each been duly executed.
The Notes Guarantee, guaranteeing the principal and interest under
the notes up to an amount of ZAR2 billion, is irrevocable and
unconditional.

The short-term liquidity position of the Company has now been
strengthened following the successful execution of the Facility.

FURTHER CAUTIONARY ANNOUNCEMENT

Further   to  the   previous   cautionary  announcements, and the
information set out in this announcement, security holders are
advised to continue to exercise caution when dealing in the
Company’s securities until a further announcement is made.

24 June 2016

Sponsor
Merrill Lynch South Africa (Pty) Limited

Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

PPC:
Azola Lowan
Tel: +27 (0) 11 386 9000
Azola.Lowan@ppc.co.za

Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 (0) 71 605 4294
Louise.Fortuin@instinctif.com

Date: 24/06/2016 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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