REG - ICBC Dubai (DIFC) - Notice of Successor Rate and Related Amendments

Industrial and Commercial Bank of ChinaAnnouncement

07/07/2023 10:15

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RNS Number : 3471F  Ind. & Comm. Bk China Dubai (DIFC)  07 July 2023

Notice of the Successor Rate and Related Amendments

Industrial and Commercial Bank of China Limited, acting through Industrial and
Commercial Bank of China Limited, Dubai (DIFC) Branch

(the "Issuer")

U.S.$500,000,000 Floating Rate Notes due 2024 (ISIN: XS2066376760) (the
"Notes")

issued under its

U.S.$8,000,000,000 Euro Medium Term Note Programme (the "Programme")

 

7 July 2023

 

Pursuant to Condition 4.2(g) of the terms and conditions of the Notes (the
"Terms and Conditions"), Industrial and Commercial Bank of China Limited,
acting through Industrial and Commercial Bank of China Limited, Dubai (DIFC)
Branch, in its capacity as the Issuer of the Notes, has determined that a
Benchmark Event (as defined in Condition 4.2(g) of the Terms and Conditions)
has occurred on 1 July 2023 in respect of the Notes and, pursuant to Condition
4.2(g)(i) of the Terms and Conditions, the Issuer has appointed Conv-Ex
Advisors Limited as independent adviser ("Independent Adviser") to determine,
inter alia, the Successor Rate.

 

The Independent Adviser has determined that (i) compounded daily SOFR (being
Secured Overnight Financing Rate) shall be the Successor Rate in respect of
each Interest Period from and including the Interest Payment Date falling on
or nearest to 17 July 2023 to but excluding the Maturity Date; (ii) an
Adjustment Spread of 0.26161 per cent. (being the relevant ISDA adjustment
spread for 3‑month USD LIBOR) shall be applied to the Successor Rate; and
(iii) the additional changes which are necessary to ensure the proper
operation of such Successor Rate (including, for the avoidance of doubt, the
manner in which the Successor Rate will be calculated by reference to the SOFR
Index values published by the Federal Reserve Bank of New York) and the
Adjustment Spread.

 

The Issuer hereby gives notice that following the determination by the
Independent Adviser, the Issuer has, in accordance with Condition 4.2(g),
entered into (i) a deed of variation and (ii) an amended and restated pricing
supplement setting out the final terms of the Notes (the "Amended and Restated
Pricing Supplement") on 7 July 2023, to effect, among others, the Successor
Rate, the Adjustment Spread and such other consequential changes made to the
Terms and Conditions as necessary to ensure the proper operation of such
Successor Rate and the Adjustment Spread, which shall be binding on the Issuer
and the Noteholders and shall be effective in respect of each Interest Period
from and including the Interest Payment Date falling on or nearest to 17 July
2023 to but excluding the Maturity Date.

 

Details of such amendments are more fully described in the Amended and
Restated Pricing Supplement dated 7 July 2023 which is separately made
available to the Noteholders via the clearing systems.

 

Save as amended in the Amended and Restated Pricing Supplement, the provisions
of the original pricing supplement dated 15 October 2019 shall continue in
full force and effect.

 

Capitalised terms used in this notice have the same meanings ascribed to them
in the Terms and Conditions.

 

Enquiries and Investor Relations

ICBC Dubai (DIFC) Branch
Level 5 & 6, Gate Village 01

Dubai International Financial Centre

P.O. Box 506856 Dubai, United Arab Emirates

Rithu M. Saraf, rsaraf@dxb.icbc.com.cn

Ong Ming Jie, ongmingjie@dxb.icbc.com.cn

 

LEI: 5493002ERZU2K9PZDL40

 

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