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Notification of amendments - IMRP7
Investec Bank (Mauritius) Limited
Incorporated in the Republic of Mauritius
Company Registration number 8752/3362
Business Registration number C09008752
JSE Share Code: IMRP7
JSE Issuer Share Code: IVES
ISIN: MU0455S00065
LEI Number: 213800VEN92NOOOJF520
(IBM or the Bank)
NOTIFICATION OF AMENDMENTS TO THE APPLICABLE PRICING SUPPLEMENT OF THE IMRP7
REDEEMABLE UNSECURED LISTED PROGRAMME PREFERENCE SHARES ISSUED BY
INVESTEC BANK (MAURITIUS) LIMITED
Pursuant to paragraph 6.56(b)(iv) of the Debt Listings Requirements, notice was given to Programme
Preference Shareholders of the IMRP7 Preference Shares in relation to the amendments to the IMRP7
Applicable Pricing Supplement, under its ZAR6,000,000,000 Medium Term Note and Preference Share
Programme Memorandum.
The proposed amendments to the terms of the Preference Shares are as follows:
(i) the insertion of the words “With effect from the Amendment Date, being 31 August 2023,
this…” at the beginning of the first paragraph of the Applicable Pricing Supplement;
(ii) amending all references to “Applicable Pricing Supplement” to refer to “Amended and
Restated Applicable Pricing Supplement”;
(iii) the deletion of the words “and London” in clause 20;
(iv) the deletion of clause 28 of the Applicable Pricing Supplement and the insertion of a new
clause 28 as follows:
“28. Ex Date(s): 2 (two) Business Days prior to a
Record
Date”
(v) the deletion of clause 36(a) and the insertion of a new clause 36(a) as follows:
“36(a) Dividend Rate(s): Prior to the Amendment Date, a
Dividend Rate of 3 month USD
LIBOR (as defined in item 64 below)
plus 1.70%,
and
with effect from and including the
Amendment Date, the Dividend
Rate shall reset and will be the
Reference Rate plus the Margin,
all as determined by the Calculation
Agent based on the rate that was
published on the applicable
Dividend Rate Determination Date”
(vi) the deletion of clause 38 of the Applicable Pricing Supplement and the insertion of a new
clause 38 as follows:
“38 Margin 1.04%”
(vii) the deletion of the whole clause 40 and the insertion of a new clause 40 as follows:
“40 If Screen Rate Determination Applicable
(a) Reference Rate
(including relevant period by reference to
which the Dividend Rate is to be calculated): Term SOFR (as defined in
item 64 below)
(b) Dividend Rate Determination Date(s): two (2) Business Days before the
first day of the Dividend Period
(c) Relevant Screen page and
Reference Code: CME Term SOFR 3 Month
published on Bloomberg page
TSFR3M Index
(d) Relevant Time 6:00.am New York City time
(viii) the insertion of additional definitions and terms and conditions in clause 64 of the Applicable
Pricing Supplement as follows:
“Amendment Date” means 31 August 2023.
"SOFR" means the secured overnight financing rate (SOFR) administered by the Federal
Reserve Bank of New York (or any other person which takes over the administration of that
rate) published (before any correction, recalculation or republication by the administrator)
by the Federal Reserve Bank of New York (or any other person which takes over the
publication of that rate). If, for whatever reason, Term SOFR is not published on the rate
setting date as stated above, then the rate used will be that as published by the relevant
administrator/website for the first preceding Business Day, for which such rate was
published on such administrator’s website so long as such first preceding Business Day is
not more than five (5) Business Days prior to the rate setting date;
“Term SOFR” means, in relation to a Dividend Period, the forward-looking term SOFR
administered by CME Group Benchmark Administration Limited (or any other person which
takes over the administration of that rate) for a period of 3 months, as published by CME
Group Benchmark Administration Limited (or any other person which takes over the
publication of that rate) as of 6:00 a.m. (New York City time) on the relevant Dividend Rate
Determination Date (before any correction, recalculation or republication by the
administrator);
(ix) the deletion of the definition of “Benchmark Rate Replacement Event” in clause 64 of the
Applicable Pricing Supplement;
(x) the deletion of the definition of “Hedging Costs” clause 64 of the Applicable Pricing
Supplement
(xi) the deletion of the definition of “Repricing Date” in clause 64 of the Applicable Pricing
Supplement
(xii) the deletion of clause 4 (USD LIBOR replacement) in clause 64 of the Applicable Pricing
Supplement
(xiii) the deletion of clause 5 (Change in Hedging Costs) in clause 64 of the Applicable Pricing
Supplement
A copy of the Programme Preference Shareholder Resolution must also be emailed to Investec Bank
Limited to Rooksana.Saleh@investec.co.za not later than 17h00 on 14 August 2023.
The results of written extraordinary resolution will be released on SENS within 48 hours after the
required approval percentage is obtained.
By order of the board
By order of the board
P Jeewooth
Company Secretary
Investec Bank (Mauritius) Limited
14 August 2023
Sponsor:
Investec Bank Limited
Date: 14-08-2023 04:50:00
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