THE LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA - BILB-Partial Payment of Matured Notes

Release Date: 11/01/2021 17:20:00      Code(s): LBK15 LBK32 LBK27 LBK18 LBK37 LBK33 LBK26 LBK29 LBK30 LBK31 LBK20 LBK23 LBK38 LBK35 LBK28 LBK24       PDF(s):  

BILB-Partial Payment of Matured Notes

The Land and Agricultural Development Bank of South Africa


(JSE Code: BILB)

(“Land Bank” or the “Issuer”)


For release: 11 January 2021


Land Bank: Notification of Partial Repayment of Matured Listed Debt Securities


Defined terms used in this SENS announcement shall bear the meaning as defined in Land Bank's ZAR30 Billion DMTN Programme dated 13 March 2017 (“DMTN
Programme”) listed on the Interest Rate Market of the Johannesburg Stock Exchange, unless inconsistent with the context or separately defined herein.


In the SENS announcements of 22 September 2020 and 23 November 2020, Land Bank confirmed that it would be making payment of the (5%) Part Capital Reduction
Repayment (as defined in, and) on the basis described in the SENS of 22 September 2020. The payment would be made by the end of February 2021.




Increase in Capital Repayment


Land Bank has certain semi-annual capital amortisation loan repayments that it is obliged to pay to its international funders during February and March 2021, and to
uphold the INSOL principles and align the South African lenders, Land Bank has decided to make an additional repayment of 5% of the nominal capital outstanding to
financial creditors who are not receiving such an amortisation loan repayment. A commitment was provided to South African Lenders that the first 5% Part Capital
Reduction Repayment would be paid out before end February 2021. The next of these semi-annual capital amortisation payments to Land Bank’s international funders
are due during February and March 2021 and Land Bank has therefore decided to increase the 5% capital repayment amount to a 10% capital repayment amount and
to implement such payment before end February 2021.
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As such, holders of the LBK22 and LBK36 Notes (both of which have already matured), are hereby advised that Land Bank will be making a repayment of 10% of the
aggregate Nominal Amount on each of the LBK22 and LBK36 Notes.


Important Information


1.       Each Noteholder of the LBK22 and LBK36 Notes will receive an amount equal to 10% of its capital holding in each of the Notes.


2.       A further SENS announcement will be sent out to communicate the exact settlement date but currently the expected date is 11 February 2021. The Noteholders
         are not required to take any action as the settlement will be done directly from Land Bank to the Noteholders via Strate / the CSD or CSDP’s.


3.       Once each Noteholder receives their relevant repayment, the holdings of each Noteholder will be reduced accordingly and the Register will be updated to
         reflect the reduction.




DMTN Programme

 Bond       ISIN                  Contractual Maturit   Total Issued    10% of the aggr    Reduction in th       Amount after pa   Settlement/ re    Anticipated pay
 Code                             y Date                Nominal Amo     egate Nominal      e Nominal Amo         rtial repayment   demption amo      date/effective dat
                                                        unt             Amount (ZAR)       unt                   (Remaining No     unt               e of the reductio
                                                                        of the relevant                          minal Amount i                      n
                                                        (ZAR) before    Notes held by e                          n issue)
                                                        partial repay   ach Noteholder
                                                        ment


 LBK36      ZAG000160532          25 June 2020           200 000 000         20 000 000         20 000 000           180 000 000       20 000 000    11 February 2021


 LBK22      ZAG000146317          04 September 2020      568 000 000         56 800 000         56 800 000           511 200 000       56 800 000    11 February 2021
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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: 11-01-2021 05:20:00
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