MOMENTUM METROPOLITAN LIFE LIMITED
(Incorporated in the Republic of South Africa with limited liability under registration number 1904/002186/06)
Unconditionally and irrevocably guaranteed by
MOMENTUM METROPOLITAN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa with limited liability under registration number 2000/031756/06)
Issue of ZAR340,000,000 Unsecured Subordinated Floating Rate Notes due 25 May 2029
Under its ZAR10,000,000,000 Unsecured Subordinated Note Programme
This Applicable Pricing Supplement must be read in conjunction with the amended and restated Programme Memorandum, dated 4 November 2019, prepared by Momentum Metropolitan Life Limited in connection with the Momentum Metropolitan Life Limited ZAR10,000,000,000 Unsecured Subordinated Note Programme, as amended and/or supplemented from time to time (the Programme Memorandum).
Any capitalised terms not defined in this Applicable Pricing Supplement shall have the meanings ascribed to them in the section of the Programme Memorandum headed "Terms and Conditions of the Notes".
This document constitutes the Applicable Pricing Supplement relating to the issue of Notes described herein. The Notes described herein are issued on and subject to the Terms and Conditions as amended and/or supplemented by the Terms and Conditions contained in this Applicable Pricing Supplement. To the extent that there is any conflict or inconsistency between the contents of this Applicable Pricing Supplement and the Programme Memorandum, the provisions of this Applicable Pricing Supplement shall prevail.
PARTIES | ||
1. | Issuer | Momentum Metropolitan Life Limited |
2. | Guarantor | Momentum Metropolitan Holdings Limited |
3. | Dealer(s) | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
4. | Debt Sponsor | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
5. | Paying Agent | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
Specified Office | 1 Merchant Place | |
Cnr Fredman Drive and Rivonia Road | ||
Sandton, 2196 | ||
South Africa |
- 1 -
6. | Calculation Agent | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
Specified Office | 1 Merchant Place | |
Cnr Fredman Drive and Rivonia Road | ||
Sandton, 2196 | ||
South Africa | ||
7. | Transfer Agent | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
Specified Office | 1 Merchant Place | |
Cnr Fredman Drive and Rivonia Road | ||
Sandton, 2196 | ||
South Africa | ||
8. | Settlement Agent | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
Specified Office | 1 Merchant Place | |
Cnr Fredman Drive and Rivonia Road | ||
Sandton, 2196 | ||
South Africa | ||
9. | Issuer Agent | FirstRand Bank Limited, |
acting through its Rand Merchant bank division | ||
Specified Office | 1 Merchant Place | |
Cnr Fredman Drive and Rivonia Road | ||
Sandton, 2196 | ||
South Africa | ||
PROVISIONS RELATING TO THE NOTES | ||
10. | Status of Notes | Unsecured Subordinated |
11. | Form of Notes | The Notes in this Tranche are listed Notes, issued in |
uncertificated form and held by the CSD | ||
12. | Series Number | 17 |
13. | Tranche Number | 1 |
14. Aggregate Nominal Amount:
(a) | Series | ZAR340,000,000 | |
(b) | Tranche | ZAR340,000,000 | |
15. | Interest | Interest-bearing | |
16. | Interest Payment Basis | Floating Rate |
17. | Automatic/Optional Conversion | N/A | |
from one | |||
Interest/Redemption/Payment | |||
Basis to another | |||
18. | Issue Date | 16 October 2023 | |
19. | Nominal Amount per Note | ZAR1,000,000 | |
20. | Specified Denomination | ZAR1,000,000 | |
21. | Specified Currency | ZAR | |
22. | Issue Price | 100% | |
23. | Interest Commencement Date | 16 October 2023 | |
24. | Maturity Date | 25 May 2029 | |
25. | Applicable Business Day | Following Business Day | |
Convention | |||
26. | Final Redemption Amount | 100% | |
27. | Last Day to Register | By 17h00 on 14 February, 14 May, 14 August and 14 | |
November or if such day is not a Business Day, the | |||
Business Day before each Books Closed Period, in each | |||
year until the Maturity Date | |||
28. | Books Closed Period(s) | The Register will be closed from 15 February to 24 | |
February, 15 May to 24 May, 15 August to 24 August and | |||
from 15 November to 24 November (all dates inclusive) in | |||
each year until the Maturity Date | |||
29. | Default Rate | 2% plus the Interest Rate being the Margin added to the | |
Reference Rate | |||
FLOATING RATE NOTES | |||
(a) | Floating Interest Payment | 25 February, 25 May, 25 August and 25 November of each | |
Dates | year until the Maturity Date, with the first Interest Payment | ||
Date being 25 February 2024 or, if such day is not a | |||
Business Day, the Business Day on which interest will be | |||
paid, as determined in accordance with the Applicable | |||
Business Day Convention (as specified in this Applicable | |||
Pricing Supplement) | |||
(b) | Interest Period(s) | Each period commencing on and including the applicable | |
Floating Interest Payment Date and ending on but |
excluding the following Floating Interest Payment Date, with the first Interest Period commencing on and including
- Definition of Business Day (if different from that set out in Condition 1) (Interpretation)
- Minimum Rate of Interest
- Maximum Rate of Interest
- Other terms relating to the method of calculating interest (e.g.: Day Count Fraction, rounding up provision)
- Rate of Interest and manner in which the Rate of Interest is to be determined
- Margin
- If ISDA Determination
- If Screen Rate Determination:
- Reference Rate (including relevant period by reference to which the Rate of Interest is to be calculated)
- Interest Rate Determination Date(s)
- Relevant Screen Page and Reference Code
- If Rate of Interest to be calculated otherwise than by ISDA Determination or Screen Rate Determination, insert basis for determining Rate of Interest/Margin/ Fallback provisions
the Interest Commencement Date and ending on but excluding the first Floating Interest Payment Date (each Floating Interest Payment Date as adjusted in accordance with the Applicable Business Day Convention)
N/A
N/A
N/A
N/A
Screen Rate Determination (Reference Rate plus Margin)
134 basis points to be added to the Reference Rate
N/A
3 Month ZAR-JIBAR
25 February, 25 May, 25 August and 25 November of each year until the Maturity Date, with the first Interest Rate Determination Date being 11 October 2023
Reuters page SAFEY code 01209 or any successor page
N/A
35. | Calculation Agent responsible for | FirstRand Bank Limited, acting through its Rand | |
calculating amount of principal and | Merchant Bank division | ||
interest | |||
PROVISIONS REGARDING REDEMPTION/MATURITY | |||
36. | Prior consent of Regulator required | Yes | |
for any redemption prior to Maturity | |||
Date | |||
37. | Redemption at the option of the | N/A | |
Issuer: | |||
If yes, | |||
(a) | Optional Redemption | N/A | |
Date(s) | |||
(b) | Optional Redemption | N/A | |
Amount(s) and method, if | |||
any, of calculation of such | |||
amount(s) | |||
(c) | Minimum period of notice | N/A | |
(if different from Condition | |||
9.3 (Redemption at the | |||
Option of the Issuer) | |||
(d) | If redeemable in part: | N/A | |
Minimum Redemption | N/A | ||
Amount(s) | |||
Higher Redemption | N/A | ||
Amount(s) | |||
(e) | Other terms applicable on | N/A | |
Redemption |
38. | Redemption/substitution | at the | Yes | ||
option of the Issuer on the | |||||
occurrence | of | a | Capital | ||
Disqualification Event: |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Momentum Metropolitan Holdings Ltd. published this content on 11 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2023 13:22:11 UTC.