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Recommencement of interest payments and general update
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(the “Land Bank” or the “Issuer”)
Recommencement of interest payments and general update
On 24 June 2020 a R3 billion appropriation for Land Bank was tabled as part of the Adjustments Appropriation
Bill (B10B-2020). The Bill was passed by the National Council of Provinces on 04 August 2020 and has been
sent to the President for assent. Based on this progress and internally generated funds from collection on the
loan advances book, the Land Bank is pleased to announce that interest payments will resume from 11 August
2020. The recommencement of these interest payments is a step towards the Land Bank’s aim of meeting its
commitments to its financial creditors.
As from 11 August 2020, interest payments will be made as and when they become due and payable in
accordance with the terms of each relevant underlying agreement.
Interest payments that have already contractually fallen due will be paid together with any accrued interest due
in respect of such unpaid interest in accordance with the terms of each relevant underlying agreement. Where
no contractual rate was specified, interest on missed interest has accrued at the statutory mora rate. The
payments will be made sequentially over a period of up to six weeks, starting with the earliest scheduled
interest payments missed. SENS announcements will be made in advance of such payments to holders of
listed notes.
Interest that has not yet become contractually due and payable on unpaid capital will continue to accrue in
accordance with the terms of each relevant underlying contract and will be settled when the Liability Solution
(discussed in detail in the SENS announcement published by Land Bank on 17 June 2020) is implemented
towards the end of October 2020.
Noteholders and potential investors are advised to continue to exercise caution when dealing in the Land
Bank’s notes and securities.
Noteholders will be kept appraised of developments.
07 August 2020
Enquiries
Land and Agricultural Development Bank of South Africa
Ayanda Kanana, Chief Executive Officer
Khensani Mukhari, Chief Financial Officer
Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 074 159 6833
Debt Sponsor
The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division
(registration number: 1962/000738/06)
Contacts:
Ms Natalie Di-Sante
Email: Natalie.di-sante@standardbank.co.za
Tel: +27 (0) 11 721 6125
Date: 07-08-2020 04:31:00
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