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Edcon Launches Bond Offering 2013

05 February 2013

Johannesburg, South Africa.  Edcon Proprietary Limited ("Edcon") today launched an offering of €325 million equivalent in aggregate principal amount of euro-denominated 9.5% senior secured notes and U.S. dollar-denominated 9.5% senior secured notes, each due 2018 (collectively, the "Notes").
Edcon also announced the launch of a tender offer for up to €700 million aggregate principal amount of its €1,141,353,000 aggregate principal amount of senior secured floating rate notes due 2014 (the "2014 Notes") held by persons not located or resident in the United States. 

The net proceeds from the offering of the Notes will be used, together with part of the net proceeds from the sale of R8.8 billion aggregate amount of receivables under our private label store card programme, the proceeds from the termination of certain derivatives entered into in connection with the 2014 Notes, and the estimated net proceeds from the R4.12 billion rand-denominated senior secured term loan facility that we intend to enter into pursuant to commitments we have received from certain financial institutions, to finance the repurchase of the 2014 Notes pursuant to the Tender Offer.

The Notes are being offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act.
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