Steinhoff spin-off Star refinances R16bn loans
Steinhoff Africa Retail (Star) said on Friday it was refinancing some R16bn in loans from its embattled parent Steinhoff International, a week after Steinhoff said it would seek better terms from its subsidiary. Firstrand’s Rand Merchant Bank (RMB) has been appointed to handle the refinancing of the shareholder loans and ring-fence funding facilities, Star said in a statement. “The new facilities will be used to repay Steinhoff shareholder loan funding and provide the Star group with stand-alone financing facilities,” the company said. RMB was in the process of engaging certain banks and financial institutions with regards to the new facilities. Steinhoff continued its plunge on Friday after announcing the resignation late on Thursday of chairman and largest shareholder, billionaire Christo Wiese. Wiese was stepping down from the supervisory board following the accounting scandal that has engulfed the retail giant. The company also informed the market on Friday morning various banks...
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