Edcon seeks noteholder consents for ZAR 1.5 billion bridge loans

By Susanna Moon

Chicago, July 6 – Edcon Holdings Ltd. is soliciting consents to amend its super senior and senior secured notes due in 2018 and 2019 in order to obtain up to ZAR 1.5 billion of bridge financing.

The consent solicitation will end at noon ET on July 8.

The bridge loans would be made by some of the company’s bondholders and bank lenders in connection with a potential comprehensive restructuring of Edcon’s capital structure, according to a company announcement.

The financing would be made in two tranches of up to ZAR 750 million each, denominated in dollars and euros.

Noteholders who have agreed to give their consents under lock-up agreements constitute about 57.3% of the 2019 super senior notes, 90% of the 2019 senior secured notes outstanding and 60.6% of the 2018 senior secured notes, the company noted.

The information and tabulation agent is Lucid Issuer Services Ltd. (Paul Kamminga, +44 0 20 7704 0880, fax +44 0 20 3004 1590 or edcon@lucid-is.com).

Edcon is a non-food retailer based in Johannesburg, South Africa.

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