DGAP-News: Steinhoff International Holdings N.V. : REFINANCING OF Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific Group Holdings Pty. Limited)

REFINANCING OF Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific Group Holdings Pty. Limited)

Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group")

The Company announces that Greenlit Brands Pty Ltd (formerly known as Steinhoff Asia Pacific Group Holdings Pty. Limited ("Greenlit")) has refinanced certain of its financial indebtedness.

The refinancing represents a positive step for Greenlit, as it secures a multi-year facility with a syndicate of three Australian-based banks, on current market terms. Greenlit remains independent from the Group in terms of its working capital requirements.

As part of the restructuring, the Company and Steinhoff Europe AG ("SEAG") are also released as guarantors in respect of Greenlit's financial indebtedness.

The refinancing represents another milestone in the overall restructuring of the indebtedness of the Group.

The key terms of the refinancing are:

A new senior revolving credit facility and bilateral facilities of A$256m for Greenlit to refinance the existing senior financing of Greenlit and its subsidiaries. The refinancing extends the maturity date of the company's financing to 6 October 2020. The economic terms of the refinancing are broadly in line with existing senior facilities.

Existing intragroup loans from SEAG, Steinhoff UK Holdings Limited ("SUKHL") and Retail Holdings SARL ("RHS") to Steinhoff Asia Pacific Holdings Pty Limited ("SAPH") and Greenlit will remain in place and will be amended and restated to be divided into two: Tranche A (A$96,921,708) repayable in March 2021 and Tranche B (A$227,578,292) repayable in June 2021. Cash pay interest will be permitted on certain tranches of the intergroup loans, permitting cash payments of c. A$4.4m per annum.

The new senior financing will share the same security package as the intragroup Tranche A loans which will rank as second lien. The security package for the intragroup Tranche B loans will replicate the security package for the new senior financing and the intragroup Tranche A loans but will be third ranking.

A catch up payment of deferred cash pay interest will be made to the lenders under the intragroup loans referred to above.

Certain amendments will be made to the existing trade mark licenses used solely within the APAC business between the Group and Greenlit and its subsidiaries to provide enhanced rights to Greenlit and its subsidiaries.

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.

Stellenbosch, 27 September 2018