France’s Natixis to auction Steinhoff debt on Thursday, sources say
London/Frankfurt — French bank Natixis is auctioning Steinhoff International debt, days after Germany’s Commerzbank joined lenders cutting exposure to the troubled retailer, according to people familiar with the matter. Natixis will sell at least €150m of debt in an auction starting at 3pm in London on Thursday, according to the people, who asked not to identified because the matter was private. The sale comprises part of Steinhoff’s €2.9bn revolving credit facility and a block from a $2.2bn loan raised in the US in 2016. Commerzbank sold a €200m block from the revolver late in January, according to the people, adding to a spate of debt sales since Steinhoff announced accounting irregularities in December. The Natixis auction will be about the 10th sale of Steinhoff debt parts, including pieces from a Schuldschein. Spokespeople for Natixis and Commerzbank declined to comment on the Steinhoff debt sales. A Steinhoff representative was not immediately available for comment when contac...
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