Old Mutual : Early redemption amounts

Old Mutual plc - Early redemption amounts

Released : 14 Nov 2018 07:00:00

RNS Number : 2431H

Old Mutual Limited 14 November 2018

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

NSX Share Code: OMM

("Old Mutual")

Ref 75/2018

14 November 2018

NOT FOR DISTRIBUTION INTO ANY JURISDICTION OR TO ANY PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

EARLY REDEMPTION AMOUNTS

OLD MUTUAL SUBSIDIARY OLD MUTUAL PLC ANOUNCES THE EARLY REDEMPTION AMOUNTS RELATING TO ITS OUTSTANDING £500,000,000 8 PER CENT. SUBORDINATED NOTES DUE 3 JUNE 2021 AND ITS OUTSTANDING £450,000,000 7.875 PER CENT. SUBORDINATED NOTES DUE 3 NOVEMBER 2025

The body of the Old Mutual plc announcement (as published on the London Stock Exchange website) is set out below.

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OLD MUTUAL PLC (THE "COMPANY") ANNOUNCES THE EARLY REDEMPTION AMOUNTS RELATING TO ITS OUTSTANDING £500,000,000 8 PER CENT. SUBORDINATED NOTES DUE 3 JUNE 2021 (THE "2021 SECURITIES") AND ITS OUTSTANDING £450,000,000 7.875 PER CENT. SUBORDINATED NOTES DUE 3 NOVEMBER 2025 (THE "2025 SECURITIES" AND, TOGETHER WITH THE 2021 SECURITIES, THE "SECURITIES", AND EACH A "SERIES")

On 12 November 2018, the Company announced the approval, by way of Extraordinary Resolution, of the Proposals, as further detailed in the Consent Solicitation Memorandum dated 26 September 2018 (the "Consent Solicitation Memorandum"). Capitalised terms used in this announcement but not defined have the meanings given to them in the Consent Solicitation Memorandum.

Early Redemption Amounts

The Reference Gilt Rate in respect of each Series was determined earlier today, and NOTICE IS HEREBY GIVEN to holders of the 2021 Securities and holders of the 2025 Securities that:

• (a) the Early Redemption Amount for the 2021 Securities will be £1,138.11 per £1,000 in nominal amount representing 113.811 per cent. of the nominal amount of the 2021 Securities; and

• (b) the Early Redemption Amount for the 2025 Securities will be £1,376.61 per £1,000 in nominal amount representing 137.661 per cent. of the nominal amount of the 2025 Securities.

The total aggregate cash outflow on the redemption of both Series is expected to be approximately £150,000,000.00 (including the Early Redemption Amounts, Consent Fees and Accrued Interest Payments for both Series and estimated transaction execution fees and expenses), and will be funded from Old Mutual plc's existing liquidity resources.

Requests for information in relation to the Consent Solicitation and the Proposals should be directed to:

The Solicitation Agent

Merrill Lynch International

2 King Edward Street London EC1A 1HQ United Kingdom

Telephone: [phone] Attention: Liability Management Group

Email:[e-mail]

The Tabulation Agent

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk London WC1H 8HA

United Kingdom

Telephone: + 44 20 7704 0880

Attention: Arlind Bytyqi Email:[e-mail]

DISCLAIMER This announcement must be read in conjunction with the Consent Solicitation Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Consent Solicitation Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Consent Solicitation Memorandum comes are required by each of the Company, the Solicitation Agent and the Tabulation Agent to inform themselves about, and to observe, any such restrictions.

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JSE Sponsor: Merrill Lynch South Africa (Pty) Limited

Namibian Sponsor:

PSG Wealth Management (Namibia) (Proprietary) LimitedEnquiries

Investor Relations

Patrick Bowes (Interim Head of Investor Relations)	T: [phone]
E:[e-mail]
Communications:
Tabby Tsengiwe	T: [phone]
M: [phone]
E:[e-mail]
Notes to Editors
About Old Mutual Limited

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 17 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.

For further information on Old Mutual, and its underlying businesses, please visit the corporate website atwww.oldmutual.com.

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