Steinhoff buys back another ZAR 203.8 million 5.7% convertible bonds

By Marisa Wong

Madison, Wis., Oct. 11 - Steinhoff International Holdings Ltd. said it has repurchased an additional ZAR 203.8 million of its 5.7% convertible bonds due 2013, bringing the total amount of repurchased bonds to ZAR 1,465,900,000.

Steinhoff previously repurchased ZAR 1,262,100,000 of the 5.7% convertible bonds at 108.38% of par, equivalent to a repurchase price of 107.5 plus accrued interest.

The company launched an offer to repurchase the outstanding principal amount of the convertibles on Sept. 20. The offer was made concurrently with and was funded by a new issue of senior guaranteed convertible bonds due 2017.

BNP Paribas and Deutsche Bank AG, London Branch acted as global coordinators and, together with HSBC, as joint bookrunners.

Settlement for the additional repurchase is slated for Oct. 15, after which ZAR 34.1 million of the 2013 bonds will remain outstanding.

Steinhoff is a Johannesburg-based retailer of furniture and household goods in Europe, Africa and the Pacific Rim.

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