Press Releases & Interviews

Edcon continues to gain creditor support with regards to its ongoing strategic initiatives

15 April 2016

Johannesburg, South Africa, April 14, 2016: Following the successful completion of the exchange offer relating to the Edcon Group’s 13.375% senior notes due 2019 in November 2015, reducing the Group cash-pay interest obligations by R1.0 billion, the Edcon Group is pleased to announce that it has secured unanimous RCF and Term Loan lender support, as well as the support of holders (the “2018 Noteholders”) representing approximately 73% of the aggregate outstanding principal amount of its 9.5% EUR- and USD-denominated senior secured notes due 2018 (the “2018 Senior Secured Notes”) to defer a further R1.6 billion of cash-pay interest obligations under its debt instruments to December 2016. The Edcon Group believes that this cash-pay interest deferral will allow the Company to prioritize investments around the ongoing operational turnaround and long term growth of the Company

Download: edcon150416.pdf

View previous page