African Bank New Tender Offer Results - US$ and CHF Notes (2079E)

TIDM31HB

RNS Number : 2079E

African Bank New

14 July 2016

NOT FOR DISTRIBUTION DIRECTLY OR INDIRECTLY TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS NOTICE.

14 July 2016

African Bank Limited

(the "Bank")

(Registration Number 2014/176899/06)

(incorporated with limited liability in the Republic of South Africa)

Announces the FINAL results of a tender offer

FOR its outstanding NOTES AS DESCRIBED BELOW

CHF 140,000,000 5.0 per cent. Notes due April 2022 (ISIN CH0310140600) issued on 4 April 2016 (the "CHF 2022 Notes");

CHF 84,000,000 5.50 per cent. Notes due June 2021 (ISIN CH0310140584) issued on 4 April 2016 (the "CHF 2021 Notes"));

CHF 100,000,000 4.0 per cent. Notes due July 2020 (ISIN CH0310140568) issued on 4 April 2016 (the "CHF 2020 Notes");

CHF 120,000,000 4.750 per cent. Notes due March 2019 (ISIN CH0310140543) issued on 4 April 2016 (the "CHF 2019 Notes");

U.S.$280,000,000 8.125 per cent. Notes due October 2020 (ISIN XS1390060546) issued on 4 April 2016 (the "USD October 2020 Notes");

U.S.$280,000,000 6.000 per cent. Notes due February 2020 (ISIN XS1390059969) issued on 4 April 2016 (the "USD February 2020 Notes"); and

U.S.$25,600,000 2.4 per cent. Fixed Rate Notes due November 2018 (ISIN XS1390060207) issued on 4 April 2016 (the "USD 2018 Notes"),

(together, the "Notes" and each a "Series").

This notice must be read in conjunction with the tender offer memorandum dated 1 July 2016 (the "Tender Offer Memorandum") which has been prepared by the Bank in relation to the Tender Offer. Capitalised terms used in this notice and not otherwise defined herein shall have the meanings ascribed to them in the Tender Offer Memorandum.

On 1 July 2016, the Bank announced the launch of a Tender Offer to Qualifying Holders of the Notes issued by the Bank, who were invited to tender (i) any and all of the First Priority Notes for purchase for cash and (ii) the Second Priority Notes for purchase for cash up to an aggregate Tender Consideration paid for the Second Priority Notes of U.S.$500,000,000 (the "Maximum Tender Consideration") less the aggregate Tender Consideration (converted (in the case of the CHF Notes) into the USD equivalent of such aggregate Tender Consideration using the CHF/USD Exchange Rate) paid for the First Priority Notes accepted for purchase by the Bank subject to the Bank's right in its sole and absolute discretion to increase or decrease such amount.

The Tender Offer expired at 4:00 p.m. (London time) on 13 July 2016.

Results of the Tender Offer

 
    Title of       Final aggregate     Pro-ration       Tender        Accrued          Aggregate 
     Security         principal          factor          Price        Interest          principal 
                      amount of                                                          amount 
                    Notes accepted                                                      of Notes 
                     for purchase                                                      outstanding 
                                                                                        after the 
                                                                                       Settlement 
                                                                                         Date(1) 
----------------  ----------------  ---------------  -----------  ---------------  ----------------- 
 First Priority 
  Notes 
----------------  ----------------  ---------------  -----------  ---------------  ----------------- 
 CHF 2022          CHF 86,452,000    Not Applicable     94.50         1.25 per       CHF 50,396,000 
  Notes                                                per cent.        cent. 
 CHF 2021          CHF 28,268,000    Not Applicable     97.50         0.72 per       CHF 53,704,000 
  Notes                                                per cent.        cent. 
 CHF 2020          CHF 39,832,000    Not Applicable     94.00         0.20 per       CHF 53,200,000 
  Notes                                                per cent.        cent. 
 CHF 2019          CHF 48,716,000    Not Applicable     98.50         1.43 per       CHF 71,144,000 
  Notes                                                per cent.        cent. 
 USD 2018              U.S.$0        Not Applicable     90.50      Not Applicable   U.S.$25,600,000 
  Notes                                                per cent. 
 Second Priority 
  Notes 
----------------  ----------------  ---------------  -----------  ---------------  ----------------- 
 USD October       U.S.$22,487,200   Not Applicable     99.00         2.10 per      U.S.$248,244,800 
  2020 Notes                                           per cent.        cent. 
 USD February      U.S.$46,956,800   Not Applicable     96.00         1.80 per      U.S.$205,690,400 
  2020 Notes                                           per cent.        cent. 
----------------  ----------------  ---------------  -----------  ---------------  ----------------- 
 

The Bank is pleased to announce the pricing and results of the Tender Offer as follows:

[1] Notes of any Series which are held by or on behalf of the Bank are deemed not to be outstanding and will be cancelled.

All First Priority Notes that have been validly tendered in the Tender Offer have been accepted for purchase without pro-ration. The aggregate principal amount of each Series of First Priority Notes validly accepted for purchase and the relevant Tender Price in respect of each Series of First Priority Notes so accepted are set out in the table above.

All Second Priority Notes that have been validly tendered in the Tender Offer at or below the relevant Tender Price have been accepted for purchase without pro-ration as set out in the table above. The aggregate principal amount of each Series of Second Priority Notes validly accepted for purchase and the relevant Tender Price in respect of the relevant Notes of each Series of Second Priority Notes so accepted are set out in the table above.

General

The Bank hereby announces that the Settlement Date for the Tender Offer will now be 22 July 2016.

All Notes purchased by the Bank will be immediately cancelled and will not be re-issued or re-sold.

Contact Information

The Dealer Managers of the Tender Offer are:

DEALER MANAGERS

 
      Goldman Sachs International               Rand Merchant Bank, a 
           Peterborough Court                   division of FirstRand 
            133 Fleet Street                     Bank Limited (London 
            London EC4A 2BB                            Branch) 
             United Kingdom                      2 - 6 Austin Friars 
       Attn: Liability Management                  London EC2N 2HD 
                 Group                              United Kingdom 
          Tel: [phone]                 Attn: Martin Richardson 
                  9862                           Tel: [phone] 
  Email: [e-mail]                   1731 
                                          Email: [e-mail] 
 

The Tender and Information Agent for the Tender Offer is:

 
     Lucid Issuer Services Limited 
            Tankerton Works 
             12 Argyle Walk 
            London WC1H 8HA 
             United Kingdom 
  Attn: Sunjeeve Patel / Paul Kamminga 
         Tel: [phone] 
    Email: [e-mail] 
 

Bank contact:

 
 African Bank Limited 
     59, 16th Road 
     Midrand, 1685 
     South Africa 
 

OFFER RESTRICTIONS

The distribution of this notice in certain jurisdictions may be restricted by law. Persons into whose possession this notice or the Tender Offer Memorandum comes are required by each of the Bank, the Dealer Managers and the Tender and Information Agent to inform themselves about, and to observe, any such restrictions. Please also see the Tender Offer Memorandum for a fuller description of such restrictions.

DISCLAIMER

The Dealer Managers do not take responsibility for the contents of this notice. This notice must be read in conjunction with the Tender Offer Memorandum. This notice and the Tender Offer Memorandum do not constitute an offer to buy or the solicitation of an Offer to Sell the Notes, and tenders of the Notes for purchase pursuant to the Tender Offer have not been accepted from Qualifying Holders, in any circumstances in which such offer or solicitation is unlawful. This notice and the Tender Offer Memorandum contain important information.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 14, 2016 07:00 ET (11:00 GMT)