Debt-laden Steinhoff International jumped more than 8% after raising 315.2 million euros ($342 million) on Wednesday from selling 38 million shares or 6.6% of retail group Pepco via an accelerated book build. Moneyweb SteinhoffSharePrice
Debt-laden Steinhoff International jumped more than 8% after raising 315.2 million euros on Wednesday from selling 38 million shares or 6.6% of retail group Pepco via an accelerated book build. Shares in Steinhoff rose as much as 8.2% after the results of the book build, before paring gains to 6.12% at 11:53. Steinhoff, which now indirectly owns 72.3% of Pepco, said it intends to use the proceeds to reduce its outstanding debt.
Pepco, owner of European discount retailer brands Pepco, Poundland and Dealz, will not receive any proceeds from the book build. The retail holding company, which also has operations in Africa, the United States and Australia, said the sale is separate from the agreement reached with some of its largest creditors to extend the maturity of its debt.
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