Sep
20
Bain Cedes Control of Retailer Edcon in Debt-for-Equity Deal
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South Africa’s largest clothing retailer owned by creditors
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Conversion of bonds to equity cuts debt to 6 billion rand
U.S. private equity firm Bain Capital will cede control of Edcon Holdings Ltd. in a debt-for-equity swap, handing ownership of South Africa’s largest clothing retailer to creditors including Franklin Templeton after almost a decade of ownership.
The move will reduce Johannesburg-based Edcon’s debt to 6 billion rand ($433 million) from 26.7 billion rand, Chief Executive Officer Bernard Brookes said in a presentation in Johannesburg on Tuesday. Edcon will also sell the Legit chain to Metier Private Equity for 637 million rand, he said…
Bain Cedes Control of Retailer Edcon in Debt-for-Equity Deal
