Edcon Says Almost All Bondholders Accept Debt Exchange Proposal

Edcon Holdings Ltd. said 97.3 percent of holders of its 425 million euros ($469 million) of 2019 bonds have accepted an exchange offer as South Africa’s biggest clothing retailer looks to stabilize its balance sheet.

This will cut Edcon’s net cash interest payment obligations by more than 1 billion rand a year and cash-pay indebtedness will drop by about 5.9 billion rand, a decrease of more than 20 percent, Edcon said in a statement Wednesday.