Finweek English Edition - - THE WEEK -

Con­sumer in­dus­try con­glom­er­ate Stein­hoff raised €800m (R12bn) in un­se­cured fixed-rate cor­po­rate bonds in a hugely over­sub­scribed of­fer­ing in Europe to take ad­van­tage of low in­ter­est rates. Stein­hoff, whose pri­mary list­ing is in Lux­em­bourg, ini­tially planned to raise be­tween €500m and €750m in or­der to re­pay debt and for “gen­eral cor­po­rate pur­poses”. The of­fer­ing of €800m was 4.2 times over­sub­scribed, Busi­ness Day re­ported. The cash was raised at an “at­trac­tive” an­nual coupon rate of 1.875% with a term of seven-and-a-half years – much cheaper than it would be pos­si­ble to do in South Africa, Ves­tact said.

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