EQS-Adhoc

Steinhoff International Holdings N.V. : UPDATE ON PROPOSALS TO EXTEND UPCOMING MATURITIES OF THE GROUP SERVICES DEBT

EQS-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous Steinhoff International Holdings N.V. : UPDATE ON PROPOSALS TO EXTEND UPCOMING MATURITIES OF THE GROUP SERVICES DEBT 15-Dec-2022 / 07:00 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE REGULATION (EU 596/2014, MAR)

 

STEINHOFF: UPDATE ON PROPOSALS TO EXTEND UPCOMING MATURITIES OF THE GROUP SERVICES DEBT

Steinhoff International Holdings N.V. is referred to as “SIHNV” or the “Company” and with its subsidiaries, “Steinhoff” or the “Group”; “Group Services Debt” means the indebtedness under (i) the Contingent Payment Undertakings (“CPUs”) entered into by SIHNV; and (ii) the debt facilities entered into by Steenbok Lux Finco 1 S.à.r.l. (“LuxFinco 1”), Steenbok Lux Finco 2 S.à.r.l. (“LuxFinco 2”) and Hemisphere International Properties B.V. (“Hemisphere”) (the instruments together, the “Group Services Debt Facilities”), each as amended from time to time.

Steinhoff has entered into a framework support agreement (“Support Agreement”) with its largest financial creditors in relation to financial creditors’ support to achieve the consents necessary to extend the maturity of the Group Services Debt from the current maturity date of 30 June 2023 to at least 30 June 2026, together with equity re-organisation steps and transactions (the “Maturity Extension Transaction”). 

The Maturity Extension Transaction will result in:

• An extension of the maturity date under the Group Services Debt Facilities, associated CPUs of the Company and intercompany loans to at least 30 June 2026, with two twelve-month extension options available with majority lender consent under each of the Group Services Debt Facilities ;

 

• The refinancing or amendment and extension of SEAG Facility A1 and SEAG Facility B1, with SEAG Facility A2 lenders receiving the full benefit of the SEAG CPU thereafter. SEAG A2 lenders will also benefit from a reclassification of existing Facility A2 into an instrument which is fully covered by the SEAG CPU (sized at 87% of the existing  SEAG Facility A2), with the excess (13%) to be reclassified to SEAG Facility B2 or a new tranche fungible with SEAG Facility B2 (which does not benefit from a CPU). This represents an increase in CPU coverage for the SEAG Facility A2 lenders from 80.3% to 87%.