\ Steinhoff International Holdings N.V. : ?UPDATE ON LOCK-UP AGREEMENT
Company News: Page (1) of 1 - 07/19/18

Steinhoff International Holdings N.V. : ?UPDATE ON LOCK-UP AGREEMENT

July 19, 2018 --

DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous

19.07.2018 / 12:00
The issuer is solely responsible for the content of this announcement.


UPDATE ON LOCK-UP AGREEMENT

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

The Company refers to its announcement on 11 July 2018 (the "LUA Announcement") confirming the launch of a consent process for a 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 Company also refers to its subsequent announcements confirming the extension of the deadline by which creditors must accede to the LUA in order to become eligible for the Lock-Up Early Bird Fee (as defined in the LUA Announcement) to 8pm London time on Wednesday, 18 July 2018 (the "Extended Early Bird Fee Deadline").



The Company is pleased to announce that since the LUA Announcement the Group has received significant support from its external creditor groups through the accession process to the LUA. Based on the latest figures from the Calculation Agent (which remain subject to final verification) the condition precedent to the LUA in respect of creditor accession has been satisfied with (following the expiry of the Extended Early Bird Fee Deadline), approximately:

- 89% of the aggregate outstanding SEAG external financial indebtedness;

- 89% of the aggregate outstanding SUSHI external financial indebtedness;

- 92% of the aggregate nominal amount of the series of convertible bonds due 2021 issued by Finance Holding;

- 99% of the aggregate nominal amount of the series of convertible bonds due 2022 issued by Finance Holding; and

- 96% of the aggregate nominal amount of the series of convertible bonds due 2023 issued by Finance Holding,

now subject to the LUA.

The Company aims to satisfy, as soon as possible, the remaining conditions precedent to the LUA (as outlined in the LUA Announcement) in order for the LUA to become effective. If the LUA does not become effective in accordance with its terms by 20 July 2018 (being the date on which the support period under the amended support letters (between the Company, SEAG, Finance Holding and certain of their creditors) will terminate, absent any extension or other form of creditor support), the Boards of SEAG and Finance Holding will need to assess their options (including local reorganisation procedures) and obligations under the applicable Austrian law.

Creditors of Finance Holding, SEAG and/or SUSHI who are not already party to the LUA may still accede and become a party to the LUA in respect of all (but not less than all) financial indebtedness of Finance Holding, SEAG and/or SUSHI of which they are a beneficial owner by executing an accession letter to LUA. Creditors who accede to the LUA remain eligible to receive the Lock-Up Fee (as defined in the LUA Announcement) notwithstanding the expiry of the Extended Early Bird Fee Deadline and are encouraged to do so as soon as possible.

Any queries regarding the accession process in relation to the LUA should be directed to the Calculation Agent at: Lucid Issuer Services Limited, Tankerton Works, 12 Argyle Walk, London, WC1H 8HA, T: + 44 20 7704 0880, E: [email protected].

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

Stellenbosch, 19 July 2018



19.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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