FRC346 - 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: FRC346
ISIN: ZAG000171430
(FRB)
NOTIFICATION OF A WRITE-DOWN OF NOTES DUE TO A CREDIT EVENT CALLED BY FRB
Noteholders are referred to the SENS announcement released on 9 December 2020 whereby FRB
notified noteholders of a credit event on the FRC346 notes, which referenced Europcar Mobility Group
S.A. as a constituent of the underlying reference index, the Markit iTraxx Europe Crossover Index
(Series 34).
FRB hereby gives notice to the FRC346 noteholders, in accordance with the terms and conditions of
the ZAR30 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 FRC346
pricing supplement, with the effective/pay date being Wednesday, 20 January 2021.
Bond code: FRC346
ISIN: ZAG000171430
Amount before write-down: ZAR 50 000 000.00
Write-down amount: ZAR 666 667.00
Amount after write-down: ZAR 49 333 333.00
The portion of the FRC346 notes impacted by the credit event will be cash settled, with the amount of
cash due being ZAR 598 432.22.
The record date in respect of the credit event will be Tuesday, 19 January 2021.
The pricing supplement will be amended as follows:
1. to remove the above-mentioned entity and update the weightings in Annex 2;
2. the Aggregate Nominal Amount in paragraph 7(a) will be amended to the above-mentioned
amount after the write-down; and
3. the Number of Notes in paragraph 9 will be amended to cater for the above-mentioned write-
down.
The amended pricing supplement will be made available on the FRB website at
https://www.firstrand.co.za/investors/debt-investor-centre/jse-listed-instruments/.
14 January 2021
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 14-01-2021 05:00:00
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,
information disseminated through SENS.
|