By Cady Vishniac
Detroit, Dec. 10 – Old Mutual Life Assurance Co. (South Africa) Ltd. has sold ZAR 2 billion of unsecured subordinated floating-rate notes due Nov. 12, 2025, according to a price supplement.
Parent Old Mutual Ltd. is guarantor on the notes, which are a part of its multi-issuer ZAR 25 billion note program.
The notes will bear quarterly interest at the Johannesburg Interbank Average Rate plus 193 basis points.
Nedbank Ltd. acted as dealer and agent.
Application has been made to list the notes on the Johannesburg Stock Exchange.
Old Mutual is a London-based financial services company.
| Issuer: | Old Mutual Life Assurance Co. (South Africa) Ltd.
|
| Guarantor: | Old Mutual Ltd.
|
| Issue: | Unsecured subordinated floating-rate notes
|
| Amount: | ZAR 2 billion
|
| Maturity: | Nov. 12, 2025
|
| Bookrunners: | Nedbank Ltd.
|
| Coupon: | Jibar plus 193 bps
|
| Price: | Par
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 12
|
| Ratings: | S&P: ZaA+
|
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