Skip to content
Subscriber Only

South African Steinhoff Unit Mulls Early Redemption of Bonds

  • All notes issued by Steinhoff Services up for early redemption
  • Steinhoff Services has three notes due to mature in 2018
A Steinhoff International offices in Stellenbosch, South Africa.

A Steinhoff International offices in Stellenbosch, South Africa.

Photographer: Waldo Swiegers/Bloomberg

Updated on

Steinhoff International Holdings NV said one of its South African units is considering an early redemption of all notes in issue as the global retailer struggles to stay afloat amid an accounting scandal.

Steinhoff Services Ltd.’s redemption of securities issued under a 15 billion-rand ($1.2 billion) bond program will require pricing supplements to be amended and restated, the Frankfurt- and Johannesburg-listed company said in a statement after the market closed on Thursday. The necessary approvals will have to be obtained, Steinhoff said, without giving more detail.