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
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
* The company agreed a 2.9 billion euro ($3.4
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
with an international lender and a German bank, both maturing in
($1 = 0.8480 euros)
(Reporting by Tessa Walsh and Alasdair Reilly of IFR; Editing
by Alexander Smith)
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