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Edcon defers $110mln coupon payment

Image Credit: Edcon

South African retailer Edcon, which Bain Capital took private in a 2007 leveraged buyout deal, has received its lenders’ support to defer a $110 million coupon payment until December in a bid to boost its liquidity. Reuters reports that the clothing retailer’s plan received the support of 80% of its note holders for a 2018 bond.  Downward pressure on the South African rand has made Edcon’s ability to pay down its euro and dollar-denominated debt increasingly difficult.


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