By Susanna Moon
Chicago, Nov. 26 – Old Mutual Life Assurance Co. (South Africa) Ltd. issued ZAR 700 million of 10-year floating-rate notes and ZAR 300 million of 9.255% 10-year unsecured subordinated callable notes.
Both tranches were issued at par.
The coupon for the floaters is initially 8.283%, or Jibar of 6.083% plus 220 basis points, stepping up to Jibar plus 330 bps in five years.
The JSE Ltd. has granted a listing to Old Mutual Life on the interest rate market, effective Nov. 27, under its unsecured subordinated callable note program dated Sept. 4, according to a press release by parent Old Mutual plc.
There is ZAR 3 billion of notes outstanding under the ZAR 10 billion notes program, the release noted.
Old Mutual is a London-based financial services company. Subsidiary Old Mutual Life Assurance Co. (South Africa) Ltd. is based in Pinelands, South Africa.
| Issuer: | Old Mutual Life Assurance Co. (South Africa) Ltd.
|
| Amount: | ZAR 1 billion
|
| Maturity: | Nov. 27, 2024
|
| Price: | Par
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| Settlement date: | Nov. 27
|
|
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| Floaters
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| Issue: | Floating-rate notes
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| Amount: | ZAR 700 million
|
| Coupon: | 8.283% initially, or Jibar of 6.083% plus 220 bps, stepping up to Jibar plus 330 bps on Nov. 27, 2019
|
|
|
| Fixed-rate notes
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| Issue: | Unsecured subordinated callable notes
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| Amount: | ZAR 300 million
|
| Coupon: | 9.255%
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| Call date: | Nov. 27, 2019
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