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Edcon launches a consent solicitation process to obtain up to R1.5 billion in bridge financing

05 July 2016

Johannesburg, South Africa, July 5, 2016: Edcon today announced that it has launched a consent solicitation (the “Consent Solicitation”) process by which it is seeking creditor consent to amend its debt documents, including the indentures governing its super senior and senior secured notes due in 2018 and 2019, to allow it to access up to R1.5 billion (equivalent) in bridge financing that is expected to be made available to Edcon by certain of its existing bondholders and bank lenders in connection with a potential comprehensive restructuring of Edcon’s capital structure.This bridge financing, denominated in U.S. dollars and euros, is expected to be made available in two tranches of up to R750 million (equivalent) each, and is subject to the terms and conditions described in the consent solicitation statement (the “Consent Solicitation Statement”) that was distributed to bondholders in connection with the Consent Solicitation.

Download: edconlaunchesaconsentsolicitationprocess.pdf


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