Steinhoff International calls all 9.625% convertible bonds due 2015

By Marisa Wong

Madison, Wis., Oct. 30 - Steinhoff International Holdings Ltd. said it will redeem all of its outstanding 9.625% convertible bonds due 2015 on Nov. 29.

The bonds will be redeemed at ZAR 1,173,103.46 per ZAR 1 million principal amount. The redemption price consists of an accreted principal amount of ZAR 1,138,579 and accrued interest of ZAR 34,524.46.

The bonds are convertible through Nov. 22. As of Oct. 29, the conversion price was ZAR 23.34 per share, and the closing price of the company's stock was ZAR 38.90 per share.

The principal amount outstanding as of Tuesday was ZAR 1,416,050,000. The company originally issued ZAR 1.6 billion of the bonds, ZAR 183.95 million of which has been previously converted.

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

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