DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s):
Miscellaneous
Steinhoff International Holdings N.V.: SEAG AND FINANCE HOLDING LOCK-UP
AGREEMENT EFFECTIVE AND UPDATE ON HEMISPHERE RESTRUCTURING
20-Jul-2018 / 10:20 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE
REGULATION (EU 596/2014, MAR)*
*SEAG AND FINANCE HOLDING LOCK-UP AGREEMENT EFFECTIVE AND UPDATE ON
HEMISPHERE RESTRUCTURING*
Steinhoff International Holdings N.V. (the "*Company*" and with its
subsidiaries, the "*Group*")
The Company is pleased to announce that the lock-up agreement (the "*LUA*")
in connection with the restructuring of the financial indebtedness of the
Company, Steinhoff Europe AG ("*SEAG*"), Steinhoff Finance Holding GmbH
("*Finance Holding*") and Stripes US Holding Incorporated ("*SUSHI*") (the
"*Restructuring*") has today become effective in accordance with its terms.
The parties to the LUA will now seek to implement the Restructuring within
three months (subject to any agreed extension). Once the Restructuring has
been implemented, the terms of the Restructuring (as set out in the term
sheet included in the LUA) will remain in place for three years (subject to
a maturity long stop date of 31 December 2021).
Following an agreement being reached between Hemisphere International
Properties B.V. ("*Hemisphere*") and advisors representing the third-party
creditors of Hemisphere (the "*Hemisphere Lenders*") on the commercial terms
for the restructuring of the financial indebtedness of Hemisphere (the
"*Hemisphere Restructuring*"), the Company is pleased to announce that
approximately 91% approval has been obtained from the Hemisphere Lenders to
the terms of the Hemisphere Restructuring, subject to final documentation
being agreed. The Company can also confirm that the requisite levels of
support have been obtained to those terms of the Hemisphere Restructuring
requiring approval under the terms of the LUA from the creditors of SEAG,
SUSHI and Finance Holding. The next step with respect to the Hemisphere
Restructuring will be for Hemisphere to negotiate with the Hemisphere
Lenders the terms of a lock-up agreement with respect to the implementation
of the Hemisphere Restructuring.
Shareholders and other investors in the Company are advised to exercise
caution when dealing in the securities of the Group.
Stellenbosch, 20 July 2018
20-Jul-2018 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Steinhoff International Holdings N.V.
Herengracht 466
1017 CA Amsterdam
Netherlands
Phone: +27218080700
Fax: +27218080800
E-mail: investors@steinhoffinternational.com
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
706587 20-Jul-2018 CET/CEST
(END) Dow Jones Newswires
July 20, 2018 04:20 ET (08:20 GMT)
