South Africa's Edcon marketing €1.83 billion three-part note offering

By Paul A. Harris

St. Louis, June 4 - Edgars Consolidated Stores (Edcon) is in the market with €1.83 billion of notes in three tranches, according to a market source.

The South African clothing retailer plans to sell €1.18 billion of seven-year senior secured floating-rate notes, which are non-callable for two years.

In addition, Edcon plans to sell €650 million of senior unsecured notes in two tranches: fixed-rate notes, non-callable for three years, and floating-rate notes, non-callable for two years. The sizes of the senior unsecured note tranches remain to be determined.

The roadshow continues on Tuesday in the United Kingdom and moves to continental Europe on Wednesday and Thursday.

Barclays Capital, Credit Suisse and Deutsche Bank Securities are joint bookrunners.

Proceeds will be used to fund the leveraged buyout of the company by Bain Capital.

Edcon is based in Johannesburg.

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