OLD MUTUAL LIMITED - Early Redemption Amounts

Release Date: 14/11/2018 09:00
Code(s): OMU
 
Wrap Text
Early Redemption Amounts

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
NSX Share Code: OMM
("Old Mutual")

Ref 75/2018

14 November 2018

NOT FOR DISTRIBUTION INTO ANY JURISDICTION OR TO ANY PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO
DISTRIBUTE THIS DOCUMENT.

EARLY REDEMPTION AMOUNTS

OLD MUTUAL SUBSIDIARY OLD MUTUAL PLC ANOUNCES THE EARLY REDEMPTION AMOUNTS RELATING TO ITS
OUTSTANDING £500,000,000 8 PER CENT. SUBORDINATED NOTES DUE 3 JUNE 2021 AND ITS OUTSTANDING
£450,000,000 7.875 PER CENT. SUBORDINATED NOTES DUE 3 NOVEMBER 2025

The body of the Old Mutual plc announcement (as published on the London Stock Exchange website) is set out below.

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OLD MUTUAL PLC (THE “COMPANY”) ANNOUNCES THE EARLY REDEMPTION
AMOUNTS RELATING TO ITS OUTSTANDING £500,000,000 8 PER CENT.
SUBORDINATED NOTES DUE 3 JUNE 2021 (THE “2021 SECURITIES”) AND ITS
OUTSTANDING £450,000,000 7.875 PER CENT. SUBORDINATED NOTES DUE 3
NOVEMBER 2025 (THE “2025 SECURITIES” AND, TOGETHER WITH THE 2021
SECURITIES, THE “SECURITIES”, AND EACH A “SERIES”)

On 12 November 2018, the Company announced the approval, by way of Extraordinary Resolution, of the
Proposals, as further detailed in the Consent Solicitation Memorandum dated 26 September 2018 (the
“Consent Solicitation Memorandum”). Capitalised terms used in this announcement but not defined have
the meanings given to them in the Consent Solicitation Memorandum.

Early Redemption Amounts

The Reference Gilt Rate in respect of each Series was determined earlier today, and NOTICE IS HEREBY
GIVEN to holders of the 2021 Securities and holders of the 2025 Securities that:

(a)     the Early Redemption Amount for the 2021 Securities will be £1,138.11 per £1,000 in nominal amount
        representing 113.811 per cent. of the nominal amount of the 2021 Securities; and

(b)     the Early Redemption Amount for the 2025 Securities will be £1,376.61 per £1,000 in nominal amount
        representing 137.661 per cent. of the nominal amount of the 2025 Securities.

The total aggregate cash outflow on the redemption of both Series is expected to be approximately
£150,000,000.00 (including the Early Redemption Amounts, Consent Fees and Accrued Interest Payments
for both Series and estimated transaction execution fees and expenses), and will be funded from Old Mutual
plc’s existing liquidity resources.
Requests for information in relation to the Consent Solicitation and the Proposals should be directed to:

                                          The Solicitation Agent
                                        Merrill Lynch International
                                          2 King Edward Street
                                            London EC1A 1HQ
                                              United Kingdom

                                       Telephone: +44 20 7996 5420
                                   Attention: Liability Management Group
                                     Email: DG.LM_EMEA@baml.com


                                           The Tabulation Agent

                                      Lucid Issuer Services Limited
                                             Tankerton Works
                                              12 Argyle Walk
                                           London WC1H 8HA
                                              United Kingdom

                                       Telephone: + 44 20 7704 0880
                                           Attention: Arlind Bytyqi
                                       Email: oldmutual@lucid-is.com

DISCLAIMER This announcement must be read in conjunction with the Consent Solicitation Memorandum.
No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution
of this announcement and the Consent Solicitation Memorandum in certain jurisdictions may be restricted by
law. Persons into whose possession this announcement and/or the Consent Solicitation Memorandum comes
are required by each of the Company, the Solicitation Agent and the Tabulation Agent to inform themselves
about, and to observe, any such restrictions.
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JSE Sponsor:                   Merrill Lynch South Africa (Pty) Limited
Namibian Sponsor:              PSG Wealth Management (Namibia) (Proprietary) Limited


Enquiries


 Investor Relations
 Patrick Bowes (Interim Head of Investor Relations)                                         T: +44 (0)20 7002 7440
                                                                                            E: Patrick.bowes@omg.co.uk

 Communications:
 Tabby Tsengiwe                                                                             T: +27 (11) 217 1953
                                                                                            M: +27 (0)60 547 4947
                                                                                            E: ttsengiwe@oldmutual.com



Notes to Editors


About Old Mutual Limited


Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail
and corporate customers across key markets segments in 17 countries. Old Mutual's primary operations are in South
Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage
across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.


For further information on Old Mutual, and its underlying businesses, please visit the corporate website at
www.oldmutual.com.

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