Edcon reduces debt by R4.5 billion,reduces cash pay interest by over R1 billion annually and extends maturities by 2 years with unanimous bank support
01 December 2015
Johannesburg, South Africa, November 30, 2015: Edcon Group (the “Group”) has successfully reached an agreement with all of its bank lenders to extend the maturity of over R7.9 billion of bank debt. In addition, the Group has secured new commitments for a facility of R1.85 billion to refinance the entirety of its obligations under the existing R1.0 billion secured notes due 2016 and the R1.0 billion liquidity facility. As a result, none of Edcon’s material debt obligations will mature for at least two years.