The company, which is the biggest fashion retailer in Africa’s most advanced economy, completed a distressed exchange offer in July and has since issued new bonds to restructure its debt.
“The deal represents a strong statement of support from Edcon Group’s existing South African and international lenders under its revolving and term loan facilities, as well as new lenders into the capital structure,” Edcon said in a statement.
The company has also secured new commitments for a facility of R1.85 billion which it will use to pay down R1.0 billion in secured notes due in 2016 and to settle a R1.0 billion liquidity facility from Goldman Sachs, chief financial officer Toon Clerckx told Reuters.
