This announcement is published for information purposes only
Steinhoff International Holdings Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1998/003951/06)
("Steinhoff")
(Share code: SHF ISIN: ZAE 000016176)
RESULTS OF SYNDICATED LOAN OFFERING
Further to the interim results announcement dated 3 March 2003, the directors
are pleased to announce that the Syndicated Loan Programme ("SLP")referred to
therein, for Steinhoff Europe AG Austria ("S.E."), a wholly owned group company,
has been successfully concluded. The Mandated Lead Arrangers were Citibank
International plc (Citigroup) and Commerzbank AG. Commerzbank International SA
will act as facility agent. An amount of Euro 125 million, with a "greenshoe"
option, was on offer in the form of a credit facility comprising a term loan
facility and a revolving credit facility, in both instances with a term of three
years and carrying a favourable interest rate.
Twelve additional banks joined the syndicate and the SLP closed significantly
oversubscribed. Steinhoff and S.E. resolved to increase the SLP to Euro 175
million. The excess commitments above Euro 125 million have been allocated as a
Euro 50 million increase in the revolving credit facility. The proceeds of the
SLP will be utilised mainly to consolidate existing bilateral banking facilities
of S.E. and its subsidiaries and the unutilised portion, as and when required,
for general corporate purposes. The Loan Agreement was signed on 15 April 2003
in Frankfurt, Germany.
24 April 2003
Johannesburg
Mandated lead arrangers in Europe
Citigroup
Schroder Salomon Smith Barney & Citibank
Commerzbank
Securities
Sponsor in South Africa
Gensec Bank Limited
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