- FirstRand Bank Limited announces full capital reductions and accrued interest payments for listed debt securities.
- FRC389 note’s nominal amount reduced to zero, settlement amount set at ZAR 59,495,962.00.
- FRC425 note’s nominal amount also reduced to zero, settlement amount determined as ZAR 50,420,307.00.
FirstRand Bank Limited (FRB) recently issued an important notification regarding the full capital reductions and accrued interest payments for two of its listed debt securities. The announcement, made in accordance with FRB’s note programme, provides noteholders with significant updates and details about these developments.
According to the terms and conditions of FRB’s ZAR 60,000,000,000.00 note programme, the bank has repurchased the FRC389 and FRC425 notes, resulting in a complete reduction of their nominal amounts to zero. The announcement provides comprehensive information regarding the capital reductions and accrued interest payments for both securities.
The FRC389 note, identified by the bond code FRC389 and ISIN ZAG000184136, had a nominal amount of ZAR 59,000,000.00 before the reduction. Following the capital reduction, the nominal amount stands at ZAR 0.00. The settlement or redemption amount for this note is ZAR 59,495,962.00, which includes an accrued interest amount of ZAR 495,962.08. The note carried an annualized interest rate of 10.958%.
Similarly, the FRC425 note, with the bond code FRC425 and ISIN ZAG000188152, had a nominal amount of ZAR 50,000,000.00 before the reduction. The reduction brings the nominal amount down to ZAR 0.00. The settlement or redemption amount for this note is ZAR 50,420,307.00, including an accrued interest amount of ZAR 420,306.85. The note also bore an annualized interest rate of 10.958%. The interest period for both notes spanned from April 28, 2023, to May 25, 2023, with a pay date/early redemption date set for May 26, 2023.
These capital reductions and accrued interest payments have been initiated by FRB in accordance with the terms and conditions of the respective notes. The bank has diligently repurchased the FRC389 and FRC425 notes, leading to a complete reduction of their nominal amounts to zero.
