SOUTH AFRICA - ABSA Group Limited

The project entails the provision of a targeted financial package to Absa comprising of three components (i) a 10-year, with a 5.5 years grace period, floating rate sustainability linked subordinated loan for an amount not exceeding South African Rand (ZAR) 1.7 billion; (ii) subordinated loan in the form of a 10-year (non-call five (5) years) floating rate Note (bond) for an amount not exceeding ZAR 1.0 billion. Proceeds of the Tier II qualifying subordinated debt will be passed-on to Absa’s principal subsidiary, Absa bank limited, South Africa under back-to-back arrangements; and (iii) a USD 150 million Unfunded Risk Participation Agreement (RPA) for a term of 3 years, with an option to extend for another 6 months upon maturity.