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FIRSTRAND BANK LIMITED - FRC299 FRC322 and FRC323 - Notification of a Write-Down of Notes due to a Credit Event Called by FRB

Release Date: 01/04/2020 10:15
Code(s): FRC299 FRC322 FRC323     PDF:  
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FRC299 FRC322 and FRC323 - Notification of a Write-Down of Notes due to a Credit Event Called by FRB

FirstRand Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1929/001225/06)
Issuer code: FRII
LEI: ZAYQDKTCATIXF9OQY690
Bond Code: FRC299       ISIN: ZAG000159575
Bond Code: FRC322       ISIN: ZAG000163783
Bond Code: FRC323       ISIN: ZAG000163874
(FRB)


NOTIFICATION OF A WRITE-DOWN OF NOTES DUE TO A CREDIT EVENT CALLED BY FRB

Bondholders are referred to the SENS announcement released on 30 March 2020 whereby FRB notified
bondholders of a credit event on the FRC299, FRC322 and FRC323 notes which referenced The
McClatchy Company as a constituent of the underlying reference index, the Markit CDX North America
High Yield Index. FRB hereby gives notice, in accordance with the terms and conditions of the
R30 000 000 000.00 note programme dated 29 November 2011, as amended from time to time, of the
following details of the write-down applicable in accordance with paragraph 51(D) of the pricing
supplement, with the effective/pay date being 6 April 2020.

Bond code:                                  FRC299
ISIN:                                       ZAG000159575
Amount before write-down:                   ZAR 98 000 000.00
Write-down amount:                          ZAR 1 000 000.00
Amount after write-down:                    ZAR 97 000 000.00

Bond code:                                  FRC322
ISIN:                                       ZAG000163783
Amount before write-down:                   ZAR 198 000 000.00
Write-down amount:                          ZAR 2 000 000.00
Amount after write-down:                    ZAR 196 000 000.00

Bond code:                                  FRC323
ISIN:                                       ZAG000163874
Amount before write-down:                   ZAR 64 350 000.00
Write-down amount:                          ZAR 650 000.00
Amount after write-down:                    ZAR 63 700 000.00

The portion of the FRC299, FRC322 and FRC323 notes impacted by the credit event will be cash
settled, through STRATE, with the amount of cash due being:

Bond code:                                  FRC299
Cash Amount:                                ZAR 15 950.86

Bond code:                                  FRC322
Cash Amount:                                ZAR 49 827.61

Bond code:                                  FRC323
Cash Amount:                                ZAR 10 340.43

The record date in respect of the credit event will be Monday, 30 March 2020.

The pricing supplements will be amended as follows:
   1. to remove the above-mentioned entity and update the weightings from Annexure 2;
   2. the Aggregate Nominal Amount in paragraph 7(a) in each of the pricing supplements will be
        amended to the above-mentioned amounts after the write-down; and
   3. the Number of Notes in paragraph 9 of the pricing supplements will be amended to cater for
        the above-mentioned write-down.
The amended pricing supplements will be made available on the                         FRB   website   at
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/.



1 April 2020

Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa

Date: 01-04-2020 10:15:00
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,
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