Steinhoff redeems remaining ZAR 10.82 million 9.625% convertibles

By Marisa Wong

Madison, Wis., Dec. 3 - Steinhoff International Holdings Ltd. said it redeemed and cancelled all of its outstanding 9.625% convertible bonds due 2015 on Nov. 29. The amount redeemed totaled ZAR 10.82 million.

The company announced the redemption on Oct. 30. At that time, the principal amount outstanding was ZAR 1,416,050,000. The company originally issued ZAR 1.6 billion of the bonds, ZAR 183.95 million of which was previously converted.

The bonds were redeemed at ZAR 1,173,103.46 per ZAR 1 million principal amount. The redemption price consisted of an accreted principal amount of ZAR 1,138,579 and accrued interest of ZAR 34,524.46.

The bonds were convertible through Nov. 22. As of Oct. 29, the conversion price was ZAR 23.34 per share, and the closing price of the company's stock was ZAR 38.90 per share.

Steinhoff is a Johannesburg-based retailer of furniture and household goods in Europe, Africa and the Pacific Rim.

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