Edcon tenders for up to €700 million floating-rate notes due 2014

By Jennifer Chiou

New York, Feb. 5 - Edcon Proprietary Ltd. announced the start of its tender offer for up to €700 million of its €1,141,353,000 of floating-rate senior secured notes due June 15, 2014.

The current coupon is Euribor plus 325 basis points.

The company will pay a purchase price of 100.1 along with accrued interest.

The offer will end at 11 a.m. ET on Feb. 12. Settlement is anticipated for Feb. 15.

The tender is subject to a financing condition. Edcon said it intends to issue euro-denominated and/or dollar-denominated senior secured notes.

The dealer manager is Goldman Sachs International (44 20 7774 4799 or liabilitymanagement.eu@gs.com). The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or edcon@lucid-is.com, attn: Sunjeeve Patel/David Shilson).

Edcon, doing business as Jet Stores, operates clothing, shoes and accessories stores in South Africa, Botswana, Lesotho, Namibia and Swaziland.

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