STEINHOFF INTERNATIONAL HOLDINGS N.V. - REFINANCING OF GREENLIT BRANDS PTY LTD (FORMERLY KNOWN AS STEINHOFF ASIA PACIFIC GROUP HOLDINGS PTY. LIMITED)
27 September 2018 7:05
SNH SHFF 201809270003A
Refinancing Of Greenlit Brands Pty Ltd (Formerly Known As Steinhoff Asia Pacific Group Holdings Pty. Limited)
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019
Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367
REFINANCING OF Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific Group
Holdings Pty. Limited)
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)
The Company announces that Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific
Group Holdings Pty. Limited (“Greenlit”)) has refinanced certain of its financial indebtedness.
The refinancing represents a positive step for Greenlit, as it secures a multi-year facility with a
syndicate of three Australian-based banks, on current market terms. Greenlit remains
independent from the Group in terms of its working capital requirements.
As part of the restructuring, the Company and Steinhoff Europe AG (“SEAG”) are also released
as guarantors in respect of Greenlit’s financial indebtedness.
The refinancing represents another milestone in the overall restructuring of the indebtedness
of the Group.
The key terms of the refinancing are:
A new senior revolving credit facility and bilateral facilities of A$256m for Greenlit to refinance
the existing senior financing of Greenlit and its subsidiaries. The refinancing extends the maturity
date of the company’s financing to 6 October 2020. The economic terms of the refinancing
are broadly in line with existing senior facilities.
Existing intragroup loans from SEAG, Steinhoff UK Holdings Limited (“SUKHL”) and Retail Holdings
SARL (“RHS”) to Steinhoff Asia Pacific Holdings Pty Limited (“SAPH”) and Greenlit will remain in
place and will be amended and restated to be divided into two: Tranche A (A$96,921,708)
repayable in March 2021 and Tranche B (A$227,578,292) repayable in June 2021. Cash pay
interest will be permitted on certain tranches of the intergroup loans, permitting cash payments
of c. A$4.4m per annum.
The new senior financing will share the same security package as the intragroup Tranche A
loans which will rank as second lien. The security package for the intragroup Tranche B loans
will replicate the security package for the new senior financing and the intragroup Tranche A
loans but will be third ranking.
A catch up payment of deferred cash pay interest will be made to the lenders under the
intragroup loans referred to above.
Certain amendments will be made to the existing trade mark licenses used solely within the
APAC business between the Group and Greenlit and its subsidiaries to provide enhanced rights
to Greenlit and its subsidiaries.
Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.
JSE Sponsor: PSG Capital
Stellenbosch, 27 September 2018
Date: 27/09/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.