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International bonds: Edcon, 9.5% 1mar2018, EUR
XS0888936118

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Restructuring

Issue
Issuer
  • M/S&P/F
    -/-/-
    -/-/-
Status
Early redeemed
Amount
300,000,000 EUR
Placement
***
Early redemption
*** (-)
Country of risk
South Africa
Current coupon
***%
Price
***%
Yield / Duration
-
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Issue information

Profile
Edcon is the largest non-food retailer in South Africa. Since the opening of its first Edgars store in 1929, Edcon has expanded its footprint to include approximately 1,200 stores under 13 retail brands throughout southern Africa. Edcon’s leading ...
Edcon is the largest non-food retailer in South Africa. Since the opening of its first Edgars store in 1929, Edcon has expanded its footprint to include approximately 1,200 stores under 13 retail brands throughout southern Africa. Edcon’s leading brands include Edgars, Jet, CNA, Boardmans and Red Square.
  • Borrower
    Go to the issuer page
    Edcon
  • Full issuer name
    Edcon (Proprietary) Limited
  • Sector
    corporate
  • Industry
    Trade and retail
Volume
  • Amount
    300,000,000 EUR
Nominal
  • Minimum Settlement Amount
    100,000 EUR
  • Outstanding face value
    *** EUR
  • Par amount, integral multiple
    *** EUR
  • Nominal
    1,000 EUR

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count fraction
    ***
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Delay days
    *** days
  • Maturity date
    ***
  • Early redemption date
    ***

Cash flow

Calculations for international bonds are made according to the minimum trading lot

Early redemption terms

***

Debt Servicing

DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 450,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 90 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Order book
    *** (***) - *** (***)
  • Coupon (Yield) Guidance
    ***% - ***% (*** - ***%)
  • Placement
    *** - ***
  • Initial issue price (yield)
    (***%)
  • Bids
    *** EUR
  • Number of bids
    ***
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • The purpose of placing
    We expect the gross cash proceeds from this Offering of the Senior Secured Notes to be approximately EUR290 million. The company intends to use the net proceeds from this Offering, together with part of the net proceeds from the Receivables Sale, the net proceeds from the termination of derivatives entered into in connection with the 2014 Senior Secured Notes, and the net proceeds of the ZAR Term Loan, to repurchase the 2014 Senior Secured Notes tendered pursuant to the Tender Offer and/or to fund the 2014 Senior Secured Notes Redemption. We will deposit any proceeds from the Offering not used to repurchase 2014 Senior Secured Notes pursuant to the Tender Offer (the “Escrowed Proceeds”) in an escrow account pledged in favour of the Trustee. The Escrowed Proceeds, if any, will be released from escrow to settle the redemption price payable pursuant to the 2014 Senior Secured Notes Redemption on or about the 30th day after the Issue Date. The following table sets out our expected sources and uses of funds in connection with the transactions: Sources of Funds Rand(1) Euro(1) Uses of Funds Rand(1) Euro(1) (in millions) (in millions) Cash and cash equivalents(2) ...
  • Listing
    ***
Participants
  • Bookrunner
    ***, ***, ***, ***

Conversion and exchange

  • Convertion date
    ***
  • Initial premium
    ***%
  • Convertible until
    ***
  • Lock-up
    *** days
  • Conversion terms
    ***

Additional information

***

Latest issues

Identifiers

  • Registration
    ***
  • Date of program registration
    ***
  • ISIN RegS
    XS0888936118
  • ISIN 144A
    ***
  • CUSIP RegS
    ***
  • CUSIP 144A
    ***
  • Common Code RegS
    088893611
  • Common Code 144A
    088893727
  • CFI RegS
    DYVXXR
  • CFI 144A
    DYFXXR
  • FIGI RegS
    BBG0043NGQY5
  • FIGI 144A
    BBG004400Z80
  • WKN RegS
    A1HF51
  • WKN 144A
    A1HMY9
  • SEDOL
    BF9MYX2
  • Ticker
    EDCON 9.5 03/01/18 REgs
  • Type of security by CBR
    ***

Ratings



Bond classification

  • Registered
  • Coupon bonds
  • Restructuring
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Floating rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Indexed
  • Supranational bond issues
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Subordinated
  • Sukuk
  • Trace-eligible

Restructuring

***

***