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What South African retailer Steinhoff owes its banks

Dec 11 (Reuters) - South African retailer Steinhoff International shocked investors last week by revealing it had "accounting irregularities" and its long-standing chief executive was leaving with immediate effect, causing a dramatic fall in its shares and debt.

The company said on Sunday that it was "fully focussed on safeguarding operational liquidity to continue funding existing operations throughout its various subsidiaries" and was "asking for and requires continued support in relation to existing facilities from all its lenders to achieve an immediate stabilisation of the Group's financing".

Steinhoff has scheduled a meeting on Dec. 19 to provide an update on its ongoing operational and financial situation.

The following are details of Steinhoff's loans, the dates they are due to be repaid and some of the terms involved. All data is from IFR, which is part of Thomson Reuters:

* Steinhoff has $2 billion of term loans maturing between 2018 and 2020. This is the remainder of the loans used to purchase Mattress Firm. The interest rate paid on the loans was an initial 120-145 basis points (bp) over Libor. However, this will rise to 250-280 bp following the downgrading by Moody's of Steinhoff's credit rating from investment grade to "junk" status last week.

* The company agreed a 2.9 billion euro ($3.4 billion)revolving credit facility in July 2016. This matures in June 2021 and the interest paid is 90 bp over Euribor. This was in part used to replace the bridge loan Steinhoff took to fund its Poundland acquisition. 539 million euros of the facility had been drawn at the end of 2016.

* Steinhoff has a 650 million euro "Schuldschein" (a type of private placement widely used in Germany) which was placed in June 2015 with maturities of 2020, 2022 and 2025. It also has other smaller "Schuldscheindarlehen" (SSD) borrowings.

* The firm has two 250 million euro bilateral revolving facilities with an international lender and a German bank, both maturing in 2018. ($1 = 0.8480 euros)

(Reporting by Tessa Walsh and Alasdair Reilly of IFR; Editing by Alexander Smith)

2017-12-11 15:23:58

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